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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 $38,000, and the monthly

You have arranged for a loan on your new car that will require the first payment today. The loan is for $38,000, and the monthly payments are $685. If the loan will be paid off over the next 68 months (there are that many payments total), what is the APR of the loan?

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