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sheila101
13.07.2019 •
Mathematics
You have just taken out a $2,650 loan from your local bank. you paid off the loan in 1 year by making 12 monthly payments with a total interest charge of $300.00. determine, from the information given, the annual percentage rate (apr). round your answer to the nearest hundredth of a percent. a. 7.91% c. 20.25% b. 79.1% d. 2.09%
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Ответ:
The annual percentage rate (APR) is 20.25%.
Step-by-step explanation:
Consider the provided information.
The Principal amount is $2650, and the interest is $300
The total amount paid = $2650 + $300 = $2950
It is given that the loan paid off in 1 year by making 12 monthly payments.
Therefore the monthly payment is:
Formula of monthly payment:
Substitute principal amount = $2650 and monthly payment = 245.833 in above formula and solve for i.
Thus, the annual percentage rate (APR) is 20.25%.
Ответ:
45
Step-by-step explanation:
25% is 1/4.
180/4 is 45.