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

Question 83

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

Correct Answer:

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