Use a TVM slover to find the APR (true annual interest rate), to the nearest 0.01%, for the loan. Use the Annual Percentage Rate table if necessary.
PurchaseDown Payment Add-on# of Payments PriceInterest Rate $5000$5005%24
A. 8.59%
B. 8.96%
C. 9.10%
D. 9.32%
Answer: D
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