Asked by Anonymous
Carla Compra borrowed $800 at 14% for one year. She paid a $15 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 = %.
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 = %.