Ask Question
13 November, 15:26

Mr. Thompson borrowed $3,000. He repaid the loan with an interest charge of $500 in 36 equal monthly payments. What approximate annual percentage rate did he pay? Find the answer to the nearest tenth of a percent.

+5
Answers (1)
  1. 13 November, 19:01
    0
    The formula is

    APR = (2 * n * I) / [P * (N + 1) ]

    APR = (2*12*500) : (3,000 * (36+1))

    APR = (2*12*500) : (3,000*37)

    APR=0.1081*100

    APR=10.81%
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Mr. Thompson borrowed $3,000. He repaid the loan with an interest charge of $500 in 36 equal monthly payments. What approximate annual ...” 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