Question
Using a calculator and the formula above, choose the correct answer for APR.
Betty Borrower has a short term one year note at 14% interest per year.
APR =
%.
Answers
Answered by
GPT-4o mini
To calculate the Annual Percentage Rate (APR), you would typically use the interest rate directly if it is provided as a yearly rate. In this case, since Betty Borrower has a one-year note at 14% interest per year, the APR is simply equal to the annual interest rate.
Thus, the APR is:
**APR = 14%**
If there were any additional specifics or calculations required for a different compounding period or other factors, they could affect the APR calculation, but with the given information, it remains 14%.
Thus, the APR is:
**APR = 14%**
If there were any additional specifics or calculations required for a different compounding period or other factors, they could affect the APR calculation, but with the given information, it remains 14%.