18. Noah paid off a loan with a simple interest rate of
1 answer:
Answer:
29.1% is the correct APR
Step-by-step explanation:
Annual percentage rate=(interest+fees)/principal amount/n*365 days
interest is 9.7%
fees is not applicable to this question
principal is 100%
n is the number of days the loan was taken out for which is 4 months and the 365 days would be represented by 12 months instead.
annual percentage rate(APR)=(9.7%/100%/4)*12=29.1%
The correct option is 29.1% which represents the annual rate of interest on the loan taken by Noah on yearly basis
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