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Joshua borrowed $ 5 0 0 on January 1 , 2 0 2 1 , and paid $ 2 5 in interest. The bank charged

Joshua borrowed $

500

on January

1, 2021,

and paid $

25

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

5 .

He paid it all back at once on December

31, 2021 .

What was the APR?

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