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The Phi Nancy Company will lend you $10,000 for your new car purchase. Phi Nancy requires that you pay the loan back in monthly payments

The Phi Nancy Company will lend you $10,000 for your new car purchase. Phi Nancy requires that you pay the loan back in monthly payments of $550 each, for a total of thirtysix monthly payments.

What is the annual percentage rate APR (the annual interest rate) that the company charges you?

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