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You have arranged for a loan on your new car that will require the first payment today. The loan is for $38,500, and the monthly

You have arranged for a loan on your new car that will require the first payment today. The loan is for $38,500, and the monthly payments are $690. If the loan will be paid off over the next 69 months, what is the APR of the loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) APR %

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