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What annual interest rate will get closest

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Problem 1: Lisa East is considering buying a new Tacoma truck. She has negotiated a purchase price of $32,000. The length of the loan will be 72 months. She has reviewed her personal budget and can afford a payment of around $500 per month. Lisa must now negotiate an interest rate. What annual interest rate will get her closest to her desired $500 monthly payment. The interest rate is compounded monthly.

a) 3%
b) .33%
c) 5%
d) 4%

Reference no: EM132794721

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