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Jessica is planning to buy a new car. The car price is $28,000 with a...

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Finance

Jessica is planning to buy a new car. The car price is $28,000 with a down payment of $10,000. Jessica was able to save the $10,000 for her dream car. If the monthly payment is $500 for 5 years, what is the annual nominal interest rate on this loan? What is the annual effective interest rate? Use interpolation if necessary. Excel solution is NOT accepted. Round the answer to 2 decimal places (i.e. 12.34%).

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