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What is the APR for a $410 loan when the loan is paid off in 12 equal monthly payments at the stated annual interest rate

What is the APR for a $410 loan when the loan is paid off in 12 equal monthly payments at the stated annual interest rate of 10.5 percent? (Round your answer to 2 decimal places.)

Multiple Choice

  • 7.18%

  • 11.50%

  • 19.38%

  • 9.69%

  • 25.76%

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