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What apr is the bank quoting lance

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Question: Dresden Bank's personal loan department quotes Lance Angelo a finance charge of $5.25 for each $100 in credit the bank is willing to extend to him for a year (assuming the balance of the loan is to be paid off in 12 equal installments). What APR is the bank quoting Lance? How much would he save per $100 borrowed if he could retire the loan in six months?

Reference no: EM131723402

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