Find the APR to the nearest 0.5%. Use the Annual Percentage Rate table if necessary.
A homeowner installed a new swimming pool for $5000. He paid 8% down and then paid 36 monthly payments of $144.15. Determine the APR of the loan to the nearest 0.5%.
A. 10.0%
B. 8.5%
C. 8.0%
D. 9.0%
Answer: C
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