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Find the APR (True Annual Interest Rate), to the Nearest

Question 245

Multiple Choice

Find the APR (true annual interest rate) , to the nearest half percent, for the following loan.
-Amount Financed = $7200 Finance Charge = $2230
Number of Monthly Payments = 60


A) 10.5%
B) 12%
C) 11.5%
D) 11%

Correct Answer:

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