Edmond Santos borrowed USD 20,000 for 18 months at 6 1/2 % per year. Find the APR (Annual Percentage Rate) if the loan was repaid monthly. The answer is:

Note: APR is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan.

Correct answer:

p =  5.2244 %

Step-by-step explanation:

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