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Devon borrowed $ 7 , 1 0 0 and paid $ 9 0 0 in interest. The bank charged him a service charge of $

Devon borrowed $

7, 100

and paid $

900

in interest. The bank charged him a service charge of $

16 .

If Devon repaid the loan in

16

equal monthly payments, what is the APR?

(

Round your answer to one decimal place

)

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