Question
Karla borrowed $750 at 12 percent for one year. She paid a $20 processing fee.
The interest paid will be $95.00, $92.50, or $90.00
Thus, the total finance charge (the interest plus the processing fee) will be? $115.00, $112.50, or $110.00 ?
Therefore, to the nearest tenth, the APR = total finance charge (divided by) amount borrowed = 14.7%, 14.3%, or 13.9% ?
Thanks much.
The interest paid will be $95.00, $92.50, or $90.00
Thus, the total finance charge (the interest plus the processing fee) will be? $115.00, $112.50, or $110.00 ?
Therefore, to the nearest tenth, the APR = total finance charge (divided by) amount borrowed = 14.7%, 14.3%, or 13.9% ?
Thanks much.