math problem about student loan
A chiropractic student receives a 10-year PLUS Loan for $60,000 to complete the last 2 years of the program. If the interest rate of the loan is 5.78% and the student begins repaying the loan 2 years after graduation, calculate the APR for this loan.(Assume the loan has a deferred payment plan. Round your answer to the nearest hundredth of a percent.)
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