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Ted purchased a speedboat costing $15,800 by taking out an installment loan. He made a down payment of $4,000 and financed the balance for 36

Ted purchased a speedboat costing $15,800 by taking out an installment loan.

He made a down payment of $4,000 and financed the balance for 36 months.

If the payments are $383.53 each month, find the APR.

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