Asked by shawn

What is the apr if the amount financed $3500; Interest Charged $ 675; Number of Payments 24

Answered by Ms. Sue
I assume the 24 payments are monthly for 2 years.

I = PRT

675 = 3500 * R * 2

675 = 7,000R

675/7,000 = R

0.0921 = 9.21% = R


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