Answer:
20.33%
Step-by-step explanation:
Principal = $2650
Total Interest = $300
Total amount = 42650+$300=$2950
Since we are given that You paid off the loan in 1 year by making 12 monthly payments
So, monthly payment =
Formula of monthly payment =
where i is the rate of interest in decimals
To find i substitute the values
using calculator
So, rate of interest in percent =
Thus the annual percentage rate (APR) is 20.33%