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?

Expert Solution

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

jeff jeffy answered 1 year ago

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