a. You took out a loan for $68,800, at 4.5% ordinary interest. The total amount of...
a. You took out a loan for $68,800, at 4.5% ordinary interest. The total amount of interest was $4,644?
What is the time period (in days) of the loan?
b.You repaid a $2,500 installment loan with 24 monthly payments of $123.00 each.
What was the annual percentage rate of the loan? answer b: 16.496% ???
Homework Answers
a)
APR Paid:
= $4,644/$68,800
= 6.75%
Hence, time period is 540 days (360×(6.75%/4.5%))
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