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The approximate APR for the purchase is 16%
<h3>Calculations and Parameters</h3>
To calculate the annual percentage rate (APR)
We would calculate the interest rate
Add the administrative fees to the interest amount
Divide the loan amount (principal)
Divide by the total number of days in the loan term
Multiply all year
Multiply by 100 to convert to a percentage
Interest= P * R * t
APR=
APR = 16%
Read more about APR here:
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