You borrowed $1,000 at the stated interest rate of 8 percent. You pay off the loan in

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You borrowed $1,000 at the stated interest rate of 8 percent. You pay off the loan in one lump sum at the end of the year. What is the approximate annual percentage rate?

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ISBN: 9781264101597

14th Edition

Authors: Jack Kapoor, Les Dlabay, Robert Hughes, Melissa Hart

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Question Posted: Nov 10, 2023 10:02 PM

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You borrowed $1,000 at the stated interest rate of 8 percent. You pay off the loan in

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