Question
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 รท 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 รท amount borrowed =
%.