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Calculating the APR on simple interest and discount loans. Find the finance charges on a 6.5 percent, 18-month, single-payment loan when interest is computed using

Calculating the APR on simple interest and discount loans. Find the finance charges on a 6.5 percent, 18-month, single-payment loan when interest is computed using the simple interest method. Find the finance charges on the same loan when interest is computed using the discount method. Determine the APR in each case. Note: Assume a loan amount of $1,000.

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