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Yesterday, Mars Inc. borrowed $225,000 from its bank at a simple interest rate of 12 percent. The loan is for nine months and the loan

Yesterday, Mars Inc. borrowed $225,000 from its bank at a simple interest rate of 12 percent. The loan is for nine months and the loan agreement requires the interest to be added to the amount borrowed and the total amount to be repaid in monthly installments. What is the loan's approximate annual percentagerate (APR).

17.59%

16.99%

16.20%

15.83%

21.60%

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