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Marc bought a new car last year for $10,000. He can now sell the car for $8,500. To buy this year’s model he would have to pay $11,000. Marc also had to take out a $9,000 loan to buy the car, which had to be paid back in yearly installments of $3,300 per year over three years. What is the implicit rental rate of the first year’s use of the car:
Can you please provide the steps to get the answer?