Suppose you purchase a set of living room furniture for $1,300. You pay 10% down and sign a contract to repay the balance in 10 equal monthly payments. The finance charge on the balance is 7% simple...

Suppose you purchase a set of living room furniture for $1,300. You pay 10% down and sign a contract to repay the balance in 10 equal monthly payments. The finance charge on the balance is 7% simple interest. Estimate the annual percentage rate (APR) to the nearest tenth of a percent.