njasansjansdn njasansjansdn
  • 04-08-2017
  • Mathematics
contestada

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.

Respuesta :

Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 08-08-2017
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%
Answer Link

Otras preguntas

I need help fast answering these questions plzzz!! NO LINKS
Using the words "selection pressure" and "fitness", explain how natural selection causes populations to change over time.
Given the following hydrogen ion concentration, determine if the solution is acidic, basic, or neutral. [H*] is 2.7 x 10-9 M
Simplify. Remove all perfect squares from inside the square root. [tex] \sqrt{30b { }^{5} } [/tex]​
Expand(Find the cube of):(x+y)³​
Plants also use cellular respiration A. True B. False
Please help me on this question???
The base word that changes its pronunciation when the word part-tion is added is ---
Please hurry I’ll give brainliest
Decide if you would use a conjugation of ser or estar for the underlined word. The desk (is) made out of wood. *IS is underlined* O Ser O Estar Decide if you w