A car dealership offers you no money down on a new car.
A car dealership offers you no money down on a new car. You may pay
for the car for 5 years by equal monthly end-of-the-month payments of $505 each, with the first payment to be made one month from today. If the discount annual rate is 13.12 percent compounded monthly, what is the percent value of the car payments?
Round the answer to two decimal places
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