If you borrow $12250 and pay $147 in annual interest, the APR on your loan is 1.2% 14.7% 1.23% 7.35%

1.2%

Explanation:

Given

If one borrows $12,250

and give $147 interest on it

Then the interest is given from the formula

Thus, the annual rate of interest  is 1.2%

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