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
1.5 is the correct answer :)
Answer:
3 term
Step-by-step explanation:
Count the amount of numbers between operations
Answer:
2 4/25
Step-by-step explanation:
First, I made the decimal into 2 16/100. Then, keep simplifying the 16/100 until it is fully simplified.
