Find the APR (true annual interest rate), to the nearest 0.01%, for the loan given below. Purchase Add-On Interest Rate Price $4110 2.8% Down Payment $310 Number of Payments 12 The APR for the loan amount is %. (Type an integer or decimal rounded to the nearest hundredth as needed.)

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.