Key Enterprises borrows $$8,000$ for a short$-$term purpose. The loan will be repaid after the approximate cost of credit using the APR, or annual percentage rate, calculation?

$4\mathrm{.}69\%$

$6\mathrm{.}50\%$

$7\mathrm{.}5\%$

$1\mathrm{.}875\%$

Key Enterprises borrows $$8,000$ for a short$-$term purpose. The loan will be repaid after the approximate cost of credit using the APR, or annual percentage rate, calculation?

$4\mathrm{.}69\%$

$6\mathrm{.}50\%$

$7\mathrm{.}5\%$

$1\mathrm{.}875\%$