Find the APR to the nearest 0.5%. Use the Annual Percentage Rate table if necessary.
A college student purchased a used car for $3000. He paid 10% down and then paid 18 monthly payments of $157.83. Determine the APR of the loan to the nearest 0.5%.
A. 5.0%
B. 5.5%
C. 6.0%
D. 6.5%
Answer: D
Mathematics
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