Solved: Annual rate of interest charging on the loan, Finance Basics

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Annual rate of interest charging on the loan

Problem:

JD needs to borrow $15000 to buy a powerboat. The boat dealer is offering a rock bottom deal of thirty-six easy monthly payments of $399 plus a "balloon" payment of $6773.85 due at the end of the last month. What is the annual rate of interest (APR) the dealer is charging on this loan?

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Finance Basics: Annual rate of interest charging on the loan

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