Given:
loan amount = 300
finance charge = 20
term = 14 days.
To solve for APR.
<span>1. Divide the finance charge by the loan amount.
20/300 = 0.0667
2. Multiply the result by 365.
0.0667 x 365 = 24.35
3. Divide the result by the term of the loan.
24.35/14 = 1.74 (APR in decimal format)
<span>
4. Multiply the result by 100.
1.74 x 100 = 174% APR</span></span>
Answer:
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed. The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited or borrowed.
Answer:
i have autism and adhd and add and dmdd so plz dont yell at me that i did not answer!!!!!
but please have a beautiful weekend!! :)
Step-by-step explanation:
