Problem
A car dealer offers a $1500 rebate if you pay cash (or borrow the money elsewhere) for a $9500 car you are considering. Or, the dealer offers financing with .75% per month interest with monthly payments for 3 years. The dealer also requires a 10% down payment. What is the effective annual rate for the dealer's car loan?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.