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Consider a borrowing of $400,000, with monthly payments to be made over 15 years with a 15% add-on interest. What is the APR? Note:

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Consider a borrowing of $400,000, with monthly payments to be made over 15 years with a 15% add-on interest. What is the APR? Note: Show your answer in units of percents, use plain numbers with at least two digits after the decimal (e.g., for 12.34%, type 12.34).

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