Multiple Choice
Lucky Louie applied for a $5,000 loan payable in one year and was provided the following data; interest due at payoff of $750, application fee $100, credit check $75, processing fee $75. What is the APR of Louie's loan?
A) 20%
B) 17.5%
C) 22.5%
D) There is not enough information to determine the answer.
Correct Answer:
Verified
Correct Answer:
Verified
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