Annual percentage rate or APR is a credit card's interest rate is the price you pay for borrowing money. For credit cards, the interest rates are typically stated as a yearly rate. This is called the annual percentage rate (APR).
Now, According to the Question,
We are Given :-
- Time = 3 Years, paid back monthly
<u>CALCULATION</u>
Finance Charge / Amount Financed =
$195.56 / $1,000 = 19.56
Table factor of 19.56 at 36 periods = 12% APR
Therefore the APR for the borrowed money is 12%
To know more about Annual percentage rate or APR, check the links.
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<span>A higher interest rate and/or a higher balance will result in higher interest earned.</span>
Fixed interest rates and income-driven repayment plans. Hope it helps.
Answer:
It is too late for him to dis-affirmed the contract.
Explanation:
Contract is the legal binding agreement document between two parties for them to obey any given conditions specified in the document. <em>In the case of Bob, despite the fact that he was a minor, his signature on the BMW contract shows that it is binding between ABC Motors and him.</em>
<em>The motor company might not be aware of his legal age which shows he is a minor before entering the agreement with him. It is expected that, he should honor his contract to the latter.</em>