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iVinArrow [24]
2 years ago
8

Nicolas signed an installment agreement to borrow $1,000 for 3 years to be paid back monthly. The cost of the loan is $195.56. W

hat is the APR
Business
1 answer:
vova2212 [387]2 years ago
7 0

Annual percentage rate or APR is a credit card's interest rate is the price you pay for borrowing money. For credit cards, the interest rates are typically stated as a yearly rate. This is called the annual percentage rate (APR).

Now, According to the Question,

We are Given :-

  • Amount Financed = $1,000
  • Time = 3 Years, paid back monthly
  • Cost of Loan = $195.56

<u>CALCULATION</u>

Finance Charge / Amount Financed =

$195.56 / $1,000 = 19.56

Table factor of 19.56 at 36 periods = 12% APR

Therefore the APR for the borrowed money is 12%

To know more about Annual percentage rate or APR, check the links.

brainly.com/question/2940185

brainly.com/question/2772156

#SPJ4

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Mike deposited $100,000 in a bank and procured a certificate of deposit on it, payable to himself, for repayment in five years w
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Answer:

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sasho [114]

Answer:

Explanation:

The preparation of the partial balance sheet for Sage at December 31, 2020 is presented below

                                                 NASH COMPANY

                                              Partial Balance Sheet

                                            At December 31, 2020

Current liabilities

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Long term debt

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The computation is shown below:

For note payable i.e shown in the current liabilities is

= $7,044,000 - $6,043,000 × 64%

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And, the refinanced note payable is

= $6,043,000 × 64%

=  $3,867,520

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