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To remodel a restaurant, Two Brothers Pizza signs a 250-day note with proceeds of $63,159.72 and a maturity value of $68,000. Find the APR.

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Tundexi

The annual percentage rate is 11.19%.

Annual percentage rate is the yearly interest generated on the loan granted to borrowers or paid to investors.

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  • The formulae for APR is (Maturity Value / Net Proceed - 1) * (365 / Period of Note).,

Given data

Net Proceed = $63,159.72

Maturity Value = $68,000

Period of Note = 250 days

APR = ($68,000 / $63,159.72 - 1) * (365 / 250)

APR = 0.076636 * 1.46

APR = 0.1119

APR = 11.19%

Therefore, the annual percentage rate is 11.19%.

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