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Ted purchased a speedboat costing $16,600 by taking out an installment loan. He made a dewn payment of $3,000 and financed the balance for 36

Ted purchased a speedboat costing $16,600 by taking out an installment loan. He made a dewn payment of $3,000 and financed the balance for 36 menths. If the payments are \$450.08 each month, find the APR using Table 13-1. 9.75% 11.25% 11.75% 12.00s

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