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telo118 [61]
3 years ago
13

You have just taken out a $2,650 loan from your local bank. You paid off the loan in 1 year by making 12 monthly payments with a

total interest charge of $300.00. Determine, from the information given, the annual percentage rate (APR). Round your answer to the nearest hundredth of a percent.
Mathematics
2 answers:
Nastasia [14]3 years ago
4 0

Answer:

20.33%

Step-by-step explanation:

Principal = $2650

Total Interest = $300

Total amount = 42650+$300=$2950

Since we are given that You paid off the loan in 1 year by making 12 monthly payments

So, monthly payment = \frac{2950}{12} =245.833

Formula of monthly payment = \text{Monthly payment }= \frac{Principal \times \frac{i}{12}}{1-(1+\frac{i}{12})^{-12}}

where i is the rate of interest in decimals

To find i substitute the values

245.833= \frac{2650 \times \frac{i}{12}}{1-(1+\frac{i}{12})^{-12}}

using calculator

i=0.2033

So, rate of interest in percent = 0.2033 \times 100 = 20.33\%

Thus the annual percentage rate (APR) is 20.33%

UNO [17]3 years ago
4 0
The interest generated in one year = $300
Amount borrowed = $2,650

Interest rate: 300/2650 x 100
Interest rate = 11.32% annually

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