To purchase a used automobile, you borrow $8,000 from Loan Shark Enterprises. They tell you the interest rate being charged is 1% per month for 35 months. They also charge you $200 for a credit investigation, so you leave with $7,800 in your pocket. The monthly payment they calculated for you is

If you agree to these terms and sign their contract, what is the actual APR (annual percentage rate) that you are paying?

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$8,000(0.01)(35)+$8,000 35 # $308.57/month.