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OpenStudy (anonymous):
Assume the car can be purchased for 0% down for 60 months (in lieu of rebate). A car with a sticker price of $42,250 with factory and dealer rebates of $5,100 (a) Find the monthly payment if financed for 60 months at 0% APR.(b) Find the monthly payment if financed at 2.5% add-on interest for 60 months (d)Use the APR approximation formula to find the APR for part (b).
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