Dave borrowed $730 on January 1, 2017. The bank charged him a service charge of $4.00 and interest was $54.40. If Dave paid the $730 in 12 equal monthly payments, what was the APR?
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The total amount paid by Dave is the principal amount borrowed plus the service charge and interest. Total amount paid = Principal + Service charge + Interest Total amount paid = $730 + $4.00 + $54.40 Total amount paid = $788.40 Show more…
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