Stan Slickum has a used car that can be bought for $8,700 cash or for a $2,000 down payment and $780 per month for 10 months. What is the effective annual interest rate on the monthly payment plan?...

Extracted text: Stan Slickum has a used car that can be bought for $8,700 cash or for a $2,000 down payment and $780 per month for 10 months. What is the effective annual interest rate on the monthly payment plan? The effective annual interest rate is%. (Round to one decimal place.)