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11 August, 10:40

You take out a $22,500 car loan at 9.6 % APR What is the monthly or periodic interest rate?

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  1. 11 August, 13:44
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    0.8%

    Step-by-step explanation:

    The monthly rate is found by dividing the annual rate by the number of months in a year. There are 12 months in a year, so the monthly rate is ...

    9.6% / 12 = 0.8%
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