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Solby Group borrows $120,000 for a short-term purpose. The loan will be repaid after 120 days, with Simpson repaying a total of $124,500. What is

Solby Group borrows $120,000 for a short-term purpose. The loan will be repaid after 120 days, with Simpson repaying a total of $124,500. What is the approximate cost of credit using the APR, or annual percentage rate? (use a 360 days year) 7 A- B

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