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A customer plans to finance X dollars to buy a car. One option that the dealer offers is to repay the loan with monthly payments

A customer plans to finance X dollars to buy a car.

One option that the dealer offers is to repay the loan with monthly payments of 400 dollars for 5 years where the first payment is a month from now. The APR on this option is 6.84%.

Another option is to repay the loan with monthly payments of 360.21 dollars for 6 years where the first payment is a month from now.

Find the APR on the second option.

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