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Use an Annual Percentage Rate Table to Solve the Problem

Question 102

Multiple Choice

Use an annual percentage rate table to solve the problem.
-A college student purchased a used car for $4000. He paid 8% down and then paid 18 monthly Payments of $216.79. Determine the APR of the loan to the nearest one-half of a percent.


A) 8.5%
B) 7.0%
C) 7.5%
D) 6.0%

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