Problem $7-9$ Calculating the Total Cost of a Purchase, the Monthly Payment, and an APR $[$LO$7-2]$

After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $$12,800$ price, but financing through the dealer is no bargain. He has $$3,500$ cash for a down payment, so he needs an $$9,300$ loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add$-$on rates. That is$,$ during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $$9,300$ for a period of four years at an add$-$on interest rate of $9$ percent.

d$.$ What is the annual percentage rate $($APR$)?$

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.

Annual percentage rate

$\%$