Eddy purchased a club membership costing $2,530. He made a down payment of $530 and financed the balance with payments of $59.27 each month for 48 months. Calculate the APR on paper using a formula, and show your work.

Eddy purchased a club membership costing $2,530. He made a down payment of $530 and financed the balance with payments of $59.27 each month for 48 months. Calculate the APR. Eddy purchased a club membership costing $2,530. He made a down payment of $530 and financed the balance with payments of $59.27 each month for 48 months. Calculate the APR