This is a simple algebraic problem. Since x must be left by itself in order to solve, we subtract 10 on both sides, giving us the final answer of x = 13.

5 0

3 years ago

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Emma borrowed $300 to repair her car. the finance (interest) charge on the loan was $20, and the term on the loan was 14 days. w

Murrr4er [49]

Given:
loan amount = 300
finance charge = 20
term = 14 days.

To solve for APR.
<span>1. Divide the finance charge by the loan amount.
20/300 = 0.0667

2. Multiply the result by 365.
0.0667 x 365 = 24.35

3. Divide the result by the term of the loan.
24.35/14 = 1.74 (APR in decimal format)
<span>
4. Multiply the result by 100.
1.74 x 100 = 174% APR</span></span>

7 0

3 years ago