Calculating the Annual Percentage Rate. Dave borrowed $500 on January 1, 2006, and paid it all back

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Calculating the Annual Percentage Rate. Dave borrowed $500 on January 1, 2006, and paid it all back at once on December 31, 2006. What was the APR?

(Reminder: Dave borrowed $500 for 1 year and paid $50 in interest. The bank charged him a $5 service charge.)

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Personal Finance

ISBN: 978-1259720680

12th edition

Authors: Jack R. Kapoor, Les R. Dlabay, Robert J. Hughes, Melissa Hart

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Question Posted: May 23, 2013 05:14 AM

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Calculating the Annual Percentage Rate. Dave borrowed $500 on January 1, 2006, and paid it all back

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