Asked by john
A loan worth $4500 collects simple interest each year for 12 years. At the end of
that time, a total of $7605 is paid back. Determine the APR for this loan.
Type your answer in the box below. Round your percentage to 2 decimal places.
Your answer should be in the form X.XX%. DO NOT type the %.
could someone help me out i’ve been stuck for awhile and can’t figure it out.
that time, a total of $7605 is paid back. Determine the APR for this loan.
Type your answer in the box below. Round your percentage to 2 decimal places.
Your answer should be in the form X.XX%. DO NOT type the %.
could someone help me out i’ve been stuck for awhile and can’t figure it out.
Answers
Answered by
oobleck
4500(1 + 12r) = 7605
r = 0.0575 or 5.75%
r = 0.0575 or 5.75%
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