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Tim Houston purchased a wall unit for $ 2 , 4 0 0 . He made a $ 6 0 0 down payment and financed

Tim Houston purchased a wall unit for $ $2, 400 .$ He made a $ $600$ down payment and financed the balance with an installment loan for $48$ months. If Tim's payments are $ $43.50$ per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. $($ Round your answer to two decimal places. $)$

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