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In order to purchase a residential homesite, a man borrows $45,000 from his father. The son pays his father back by making 60 monthly payments

In order to purchase a residential homesite, a man borrows $45,000 from his father. The son pays his father back by making 60 monthly payments of $891.08. Determine the APR of the loan to the nearest one-half of a percent. ( Use the annual percentage rate table to solve the problem.)

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