Ask Question
14 April, 05:02

Find the effective rate of interest (APR) for a loan with a loan amount of $3,264, a time of 120 days, and interest of $136. Round to the nearest tenth of a percent.

+5
Answers (1)
  1. 14 April, 05:29
    0
    I=prt

    136=3264 * (120/360) * r

    Solve for r

    R=0.125*100=12.5%
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Find the effective rate of interest (APR) for a loan with a loan amount of $3,264, a time of 120 days, and interest of $136. Round to the ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers