Amount Financed: $2,650
Finance Charge: $484.69
Number of Payments: 36
(Finance Charge)/(Amount Financed)*100$=($484.69)/($2,650)*100$
(Finance Charge)/(Amount Financed)*100$=(0.1829)*100$
(Finance Charge)/(Amount Financed)*100$=$18.29
In the row of number of Payments 36, we look for:
(Finance Charge)/(Amount Financed)*100$=$18.29, and we see to which annual porcentage rate it corresponds in the first row
Answer: 11.25%
Finance Charge: $484.69
Number of Payments: 36
(Finance Charge)/(Amount Financed)*100$=($484.69)/($2,650)*100$
(Finance Charge)/(Amount Financed)*100$=(0.1829)*100$
(Finance Charge)/(Amount Financed)*100$=$18.29
In the row of number of Payments 36, we look for:
(Finance Charge)/(Amount Financed)*100$=$18.29, and we see to which annual porcentage rate it corresponds in the first row
Answer: 11.25%