HerbWordlaw662 HerbWordlaw662
  • 20-05-2014
  • Mathematics
contestada

Alan Cohl obtained an installment loan for $3,560. His finance charge is $308.56, and he will make 18 monthly payments. What is the APR?

Respuesta :

soniaagarwal09 soniaagarwal09
  • 20-05-2014
Annual percentage rate = monthly rate * 12
total interest = 308.56*18-3560 = 1994.08
monthly interest = 1994.08/12 = 166.173
monthly rate = 166.173/3560 =4.7%
APR = 4.7*12 = 56.01%
Answer Link

Otras preguntas

Which measurement would be least likely to be written in scientific notation: the thickness of a dog hair, the radius of a period on this page, the ounces in a
what is 1 ⅓ as decimal form
Last hw for the week. plz helppp
Is a penny soluble in water
write the sum of 32+20 as the product of their GCF and add another sum
The ratio 125:x is equivalent to the ratio x^2:125. What is the value of x?
Write a fraction that is less than 5/6 and has a denominator of 8
Please help!!! The options for question 3 are crois, croit, croyons, croient, croyez. and for question 4 are lu, lue, lus, lues.
Acid precipitation is caused by a mix of     A. respiration, carbonic acids, and seawater.B. water, soil, and air.C. sulfur dioxide, carbon dioxide, and nitrog
explain how you can solve 8x45 using the distributive property