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3 years ago

Carla Compra borrowed $800 at 14% for one year. She paid a $15 processing fee.

2 answers:

8 0

Hi there!The interest paid will be $ 112.00.
Thus, the total finance charge (the interest plus the processing fee) will be $ 127.00
Therefore, to the nearest tenth, the APR = total finance charge ÷ amount borrowed = 15.9%.
Your friend, ASIAX

Taya2010 [7]3 years ago

4 0

800×0.14=112
112+15=127
(127÷800)*100==15.88%

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