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Volgvan
3 years ago
12

Joshua borrowed $1,400 for one year and paid $70 in interest. The bank charged him a service charge of $12. If Joshua repaid the

loan in 12 equal monthly payments, what is the APR? (Enter your answer as a percent rounded to 1 decimal place.)
APR %
Business
1 answer:
Katen [24]3 years ago
5 0

Answer: 10.81%

Explanation:

The annual percentage rate is the percentage cost of credit on yearly basis.

APR will be calculated

= [(2 x n x I) /( P x ( N + 1)]

where,

n = number of months = 12

I = Finance cost = Interest + service charge = $70 + $12 = $82

P = Borrowed amount = $1,400

N= Loan period = 12

We'll then slot the values into the annual percentage rate (APR) formula and this will be:

= ( 2 x n x I) /( P x ( N + 1))

= ( 2 x 12 x 82) /( 1400 x ( 12 + 1))

= 0.1081

=10.81 %

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