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Consider the following loan purchase a refrigerator for 1 500 at 13 add on interest...

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Basic Math

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Consider the following loan purchase a refrigerator for 1 500 at 13 add on interest for 3 years Give the formula used to approximate the annual percentage rate or APR for an add on loan where r is the annual interest rate as a decimal and N is the number of monthly payments APR Determine the following values for this loan r 0 13 N Find the APR rounded to the nearest tenth of a percent for the loan

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