Question
What is the annual percentage rate on a loan with a stated rate of 2.109 percent per quarter?
Answers
GPT 3.5
To find the Annual Percentage Rate (APR) on a loan with a stated rate of 2.109 percent per quarter, you need to convert the quarterly rate to an annual rate.
First, calculate the annual rate by multiplying the quarterly rate by 4 (since there are 4 quarters in a year):
2.109 percent per quarter * 4 quarters = 8.436 percent per year
Therefore, the annual percentage rate on the loan is 8.436 percent.
First, calculate the annual rate by multiplying the quarterly rate by 4 (since there are 4 quarters in a year):
2.109 percent per quarter * 4 quarters = 8.436 percent per year
Therefore, the annual percentage rate on the loan is 8.436 percent.