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Calculate the APR of a loan for $10,050, including loan fees of $320, at 11.5% for...

Calculate the APR of a loan for $10,050, including loan fees of $320, at 11.5% for 3 years. (Do not round intermediate calculations. Round your answer to the nearest tenth percent.)

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Answer #1

Loan Amount = $10,050

Timer Period = 36 months

Interest Rate = 11.5%

Calculating Monthly payment,

Using TVM Calculation,

PMT = [PV = 10,050, FV = 0, N = 36, I = 0.115/12]

PMT = $331.41

Monthly payment = $331.41

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