Find the APR (true annual interest rate), to the nearest 0.01%, for the loan given below....
Find the APR (true annual interest rate), to the nearest 0.01%, for the loan given below.
|
Purchase Price |
Down Payment |
Add-On Interest Rate |
Number of Payments |
|---|---|---|---|
|
$3120 |
$720720 |
7% |
36 months The APR for the loan amount is what %.? (Type an integer or decimal rounded to the nearest hundredth as needed.) |
36 payment
Homework Answers
Hence, APR is 12.83% (1.069%*12)
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