James bought a cabinet for $438.00. The finance charge was $49 and she paid for it over 18 months. Use the


James bought a cabinet for $438.00. The finance charge was $49 and she paid for it over 18 months.
Use the formula Approximate APR =(Finance Charge÷#Months)(12)Amount Financed
to calculate her approximate APR.
Round the answer to the nearest tenth.
1.6%
1.7%
7.4%
7.5%


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