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Ulleksa [173]
3 years ago
9

Terrence gets a loan with a $50 processing fee. The loan is for $700 with an interest rate of 8% for one

Mathematics
1 answer:
agasfer [191]3 years ago
4 0

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

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