Question: Key Enterprises borrows $8,000 for a short-term purpose. The loan will be repaid after 90 days, with Key paying a total of $8,150. What is

Key Enterprises borrows $8,000 for a short-term purpose. The loan will be repaid after 90 days, with Key paying a total of $8,150. What is the approximate cost of credit using the APR , or annual percentage rate, calculation?

4.69%

7.50%

18.75%

1.875%

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