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The Local Rent-To-Own Store Offers You the Following Plan to Purchase

Question 3

Short Answer

The local Rent-to-Own Store offers you the following plan to purchase a living room set. The living room set retails for $1650, but you will have four years to pay it off using a simple interest loan. If you pay back $1975, then what was the APR on this loan? Give your answer as a percentage rounded to
the nearest tenth of a percent.

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