Question: Tim Houston purchased a wall unit for $ 2 , 4 0 0 . He made a $ 6 0 0 down payment and financed

Tim Houston purchased a wall unit for $2,400. He made a $600 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $43.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.)

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