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24 April, 00:42

Karla Kaufmann borrowed $750 at 12 percent for one year. She paid a $20 processing fee.

The interest paid will be $.

Thus, the total finance charge (the interest plus the processing fee) will be $

Therefore, to the nearest tenth, the APR = total finance charge : amount borrowed =

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Answers (2)
  1. 24 April, 01:38
    0
    750x. 12 = $90

    90+20=110

    110/750 = 14.7%
  2. 24 April, 02:19
    0
    Total interest paid 750*0.12=90

    Total finance charge 90+20=110

    The APR (110/750) * 100=14.7%
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