What is the effective annual rate on the, Financial Management

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What is the effective annual rate on the

After visiting several used car dealerships, you find just the vehicle you are looking for: a black, 2016 Range Rover Sport. After some haggling, the dealer agrees to sell you the vehicle for $50,000. The trade-in allowance on your car is $800. The dealer offers you financing on the difference through a 60-month loan with payments of $999 per month. What is the Effective Annual Rate on the loan?

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