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Maria borrows $3,000 at a 5.5% interest for 2 years. The closing administrative cost for the loan is $110. To find the APR, first calculate

Maria borrows $3,000 at a 5.5% interest for 2 years. The closing administrative cost for the loan is $110. To find the APR, first calculate the Interest on this loan using the simple interest formula: A =(P(1+RT), where A = total accrued amount, P = principal, R = interest rate and T = time period

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