You just borrowed $10,000 from the crooked bank at 10% with monthly payments for 60 months....

You just borrowed $10,000 from the crooked bank at 10% with monthly payments for 60 months. you had to pay an origination fee of $250 at the time you borrowed the money. What is the APR on the loan?

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Expert Solution

AS NOTHING IS MENTIONED, WE ASSUME THAT ORIGINATION FEE IS PAID FROM LOAN AMOUNT ONLY

jeff jeffy answered 7 months ago

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