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You want to borrow $10,000 from your brother. He says if he charged you 7.2% that would be interest of $720 for the year. So in total you would pay him $10,720. So he tells you that you can pay $10,720/12 = $893.33 per month for 12 months that would be fine with him. What is the APR on this loan?

a. 7.2%

b. 8.9%

c. 13.03%

d. 13.85%

e. 14.00%

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91644697

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