Jim Tree borrowed $1,000 at 10 percent for one year. He paid a $45 processing fee and $100 in interest. Thus, the finance charge
is $145, the interest plus the application fee. What is the APR for this loan?
APR (to the nearest tenth) =
1 answer:
Amount borrowed = $1,000
Total amount paid = Amount borrowed + Finance charge = $1000+145 = $1,145
APR = Finance charge/Amount borrowed = 145/1000 = 0.145 = 14.5%
You might be interested in
Answer:
Step-by-step explanation:
5y = -2x + 3
y = -2/5x + 3/5
The length of the yard is 159 ft.
-1=x is the answer I’m pretty sure