Ranchland Properties and Prairie State Investments sign a written contract for a sale of land. In some states, to be enforceable
1 answer:
You might be interested in
Answer:
Ans. c) The annual percentage rate of the loan is approximately 913%
Explanation:
Hi, well, she borrowed $75 and paid $90 ($75 + $15 fee) in 8 days. So we need to use the following formula to check what 8 days percentage rate was applied to this loan.
That is:
So she pays 20% for 8 days, to know the annual rate (approx.) we need to do the following operation.
That is 913% per year.
Best of luck.