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Ziggy Is Considering Purchasing a New Car

Question 106

Multiple Choice

Ziggy is considering purchasing a new car. The cash purchase price for the car is $39,200. What is the annual interest rate if Ziggy is required to make annual payments of $9,100 at the end of the next five years?


A) 4%.
B) 5%.
C) 6%.
D) 7%.

Correct Answer:

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