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Christine Holloway borrowed $12,500 to start her new landscape business.  She paid a finance charge of $1,376.78...

Christine Holloway borrowed $12,500 to start her new landscape business.  She paid a finance charge of $1,376.78 for a 24 month loan.  What was the APR for the loan?

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Answer #1

Hence, APR is 10.24% (0.853%*12)

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