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You borrowed $20,000 to buy new furniture, it is a five-year loan with quarterly payments of $1525. What is the annual percentage rate (APR) on

You borrowed $20,000 to buy new furniture, it is a five-year loan with quarterly payments of $1525. What is the annual percentage rate (APR) on your loan?

17.62%

4.41%

21.50%

12.50%

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