A car dealer sells a new car for $18,000 cash upon delivery. He also offers to sell the same car for payments of $375.00 per month for five years. What monthly interest rate is this dealer charging buyers who choose his finance plan? Use the formula for the present value A of an annuity consisting of n equal payments of size R with interest rate i per time period: R A = [1 − (1 + i) ¹]. Use Newton's Method to approximate the interest rate i to the nearest 0.001%.

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