Melissa Costouras obtains a $3,000 loan for darkroom equipment. She makes six monthly payments of $511.18. Determine the APR.
1 answer:
Using the simple interest formula, it is found that the APR for the loan is of 4.472%.
<h3>What is the simple interest formula and when it is used?</h3>Simple interest is used when there is a single compounding per time period.
The amount of money after t years in is modeled by:
In which:
- A(0) is the initial amount.
- r is the interest rate, as a decimal.
The parameters for this problem are:
A(t) = 6 x 511.18 = 3067.08, A(0) = 3000, t = 0.5.
We solve the equation for r to find the APR.
1 + 0.5r = 1.02236
r = (1.02236 - 1)/0.5
r = 0.04472.
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