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Key Enterprises borrows $8,000 for a short-term purpose. The loan will be repaid after 90 days,...

Key Enterprises borrows $8,000 for a short-term purpose. The loan will be repaid after 90 days, with Key paying a total of $8,150. What is the approximate cost of credit using the APY , or annual percentage yield, calculation?

A. 4.69%
B. 7.50%
C. 18.75%
D. 1.875%

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