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29 January, 02:47

Stacy Smith has a $50,000 loan with a 10% annual interest rate. She paid $250 for a credit report, $300 for attorneys, $250 for appraisal fees, and $5,268 in total interest for the first year. If the APR is the finance charge (interest plus fees) for one year : amount financed, what was the APR for that year?

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  1. 29 January, 05:10
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    (250+300+250+5,268) : 50,000

    =0.12136*100=12.1%
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