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Cheng obtains an 8-year subsidized loan of $5,000 at an annual interest rate of 4.5% and must pay a loan fee of 0.98%. What is
Cheng obtains an 8-year subsidized loan of $5,000 at an annual interest rate of 4.5% and must pay a loan fee of 0.98%. What is the APR (in percent) for Cheng's loan? (See Example 6 in this section. Round your answer to the nearest hundredth of a percent.)
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