Use a calculator for this exercise. Chuong Ngo borrows $4500 from a bank that advertises a 9% 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 $4500 from a bank that advertises a 9% 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.
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