Question: Larry bought a car for $ 4 0 , 0 0 0 at 0 % interest for 6 0 months ( $ 4

Larry bought a car for $40,000 at "0%" interest for 60 months ($40,000 in total was paid in 60 equal monthly payments). The financing was done through Flames Financing Co. If he had paid cash for the car in the beginning, he would have paid $34,000. Determine the annual interest rate he is paying on this car loan.
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