Use a calculator for this exercise. Chuong Ngo borrows $3000 from a bank that advertises a 7% simple interest rate and repays the loan in five equal monthly payments. Estimate the APR. Round to the...

Use a calculator for this exercise.


Chuong Ngo borrows $3000 from a bank that advertises a 7% simple interest rate and repays the loan in five equal monthly payments. Estimate the APR. Round to the nearest tenth of a percent. Use the Approximate Annual Percentage Rate Formula.