PRECAL PLEASE HELP
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The APR on the loan will be $13. The APR is found by the standard formula. It is calculated annually.
<h3>What is APR? </h3>APR is an annualized cost indication for a loan that includes all costs.
Suppose there is an initial amount as P. The interest, or say charge on it, is applied annually as 'C' amount.
The given data in the problem is;
Loan payment = $400
Fees = $52
APR=?
The value of the APR is found as;
Hence, the APR on the loan will be $13.
To learn more about the APR, refer to the link;
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