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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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