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Posted on Jul 24, 2024

Suppose you borrow $ 3 , 6 2 1 . 1 5 and take out a loan with 8 % nominal interest rate. You must

Suppose you borrow $

3, 621.15

and take out a loan with

8 %

nominal interest rate. You must repay the loan with

48

monthly payments of $

90

each. In addition, you must pay an initial loan processing fee of $

100 .

What is the APR for this loan?

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