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lilavasa [31]
4 years ago
14

If an 18-day single payment loan has a periodic interest rate of 9.6%, what is the approximate APR of the loan? Show your work.

Mathematics
1 answer:
gtnhenbr [62]4 years ago
7 0

Answer:

\text{APR}\approx 194.7\%

Step-by-step explanation:

We have been given that an 18-day single payment loan has a periodic interest rate of 9.6%.

To solve our given problem, we will divide number of days in a year (365) by 18 and multiply by periodic interest rate.

\text{APR}=\frac{365}{18}\times 9.6\%

\text{APR}=20.2777777\times 9.6\%

\text{APR}=194.66666\%

\text{APR}\approx 194.7\%

Therefore, the APR of the loan would be approximately 194.7%.

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