Answer:
15.14%
Step-by-step explanation:
The formula for APR is stated thus:
APR=fees+interest/principal/n*365*100
principal is the loan amount of $700
fees is the processing fees on the loan which is $50
interest amount=principal*interest %=$700*8%=$56
n is the number of days of the loan which is a year i.e 365 days
APR=($50+$56)/$700/365*365*100
APR=$106/$700/365*365*100
APR=0.151428571
/365*365*100
APR=0.151428571
*100=15.14%
The annual percentage rate on the loan is 15.14% which represents the actual cost on the loan not just the interest cost of 8% annually
900. It estimates bc one is like 288 and one is like 624 or sum.
Hopefully this is right :)
Answer:
Division Property of Equality.
Step-by-step explanation:
In this case, you will use the Division Property of Equality to solve. Isolate the variable, n, by dividing 5 from both sides:
(5n)/5 = (50)/5
n = 50/5
n = 10
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