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Find the Approximate Annual Percentage Rate Using the Approximate Annual

question 97

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Find the approximate annual percentage rate using the approximate annual percentage rate formula. Round to the nearest tenth of a percent.
-Amount financed: $127,534
Finance charge: $211,690
Number of monthly payments: 360


Definitions:

System Justification Theory

A theory suggesting that people have a psychological tendency to defend and justify the status quo, even at the expense of personal or group interest.

Social Identity Theory

Social identity theory is a psychological framework that posits individuals derive part of their identity and self-esteem from the groups to which they belong.

Status Quo

The existing state or condition of a situation, which is often seen as the standard or norm.

Entitativity

The perception or degree to which a group is seen as being a coherent, distinct, and unified entity.

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