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Find the APR (Rounded to the Nearest Percent) for the Loan

Question 228

Multiple Choice

Find the APR (rounded to the nearest percent) for the loan below. A $1,000 loan at 13% add-on rate for 4 years.

A) $21 \%$
B) $25 \%$
C) $52 \%$
D) $3 \%$
E) $13 \%$

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