Michelle Passmore is purchasing a $25,000 automobile, which is to be paid for in 60 monthly installments of $489.15. What effective annual interest is she paying for this financing arrangement?

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A: Amount of loan =$22,000Annual interest rate = 4.125%Tenure of loan = 10 years

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A: Lease Amount of Year 6 = a = $1596 millionTime = t = 6 YearsDiscount Rate = r = 6%

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