Asked by Matt
Find the effective rate of interest (APR) for a loan with a loan amount of $6,300, a time of 270 days, and interest of $685.13.
a. 14.5%
b. 6.5%
c. 9.3%
d. 12.3%
a. 14.5%
b. 6.5%
c. 9.3%
d. 12.3%
Answers
Answered by
Reiny
Since the time is less than one year, I will use simple interest.
R = I/(PT)
= 685.13/(6300(270/365)) = appr .147
or appr 14.7%
None of your answers match this, but my calculations are correct
R = I/(PT)
= 685.13/(6300(270/365)) = appr .147
or appr 14.7%
None of your answers match this, but my calculations are correct
Answered by
A studious student
It’s 14.5
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.