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a waterbed company advertises the lowest credit in town. a $700 bed can be purchased for $100 down and $100 a month for six months.

a waterbed company advertises the "lowest credit in town." a $700 bed can be purchased for $100 down and $100 a month for six months. the better business bureau claims the credit charges are outrageous because the bed is $75 overpriced. if the claim is true, what is the nominal interest rate paid by the buyer?

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