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George bought a car for $26,500. He made a down-payment of $4,500 and financed the rest on a 5-year term with a monthly payment of $575.
What is the effective interest per year?
a. 20.08%/year
b. 20.47%/year
c. 20.83%/year
d. 21.34%/year
Financial Management, Finance
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