10) You have just taken out an 8-year, $14,000 loan to purchase a new car....
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10) You have just taken out an 8-year, $14,000 loan to purchase a new car. This loa is to be repaid in 96 equal end-of-month installments. If each of the monthly installments is $200.00, what is the effective annual interest rate on this car loa
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