Question: When they move they will need to take out a loan to replace the rather dilapidated bathroom in their new house. They have been offered

When they move they will need to take out a loan to replace the rather dilapidated bathroom in their new house. They have been offered a loan of 15,000 over 5 years at 6.95% per annum, repayments to be made monthly. There is an initial Administration Fee of 500 and there is a final Settlement Fee of 295. Calculate the APR.

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