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You have found a car at a car lot and in typical fashion areinvited into the office to “work a deal

You have found a car at a car lot and in typical fashion areinvited into the office to “work a deal

You have found a car at a car lot and in typical fashion areinvited into the office to “work a deal”. You know the price of thecar is $10,000 (which is what you need to borrow) and the term is60 months. The salesperson does not tell you the interest rate, butinstead says he/she can get you a payment of $199/month. Whatannual interest rate are you being offered in this loanscenario?Round to the nearest whole number and entire your answer as awhole number. For example, if the answer is 12%, enter 12 in theanswer box. Please use an Excel formula for the most accurateanswer. Assumeyour first loan payment is due at the end of the month.