correct answer is?
For the following situation, identify the interest and the APR.
A small business borrows $40,000 at 5% annually for 7 years. The business has to pay 7 installments of $6,912.79 , which totals $48,390.53 over the 7 years.
The interest is $48,390.53, and the APR is 5%.
The interest is $8,390.53, and the APR is $6,912.79.
The interest is $8,390.53, and the APR is 5%.
The interest is $48,390.53, and the APR is $6,912.79.
1 answer
The correct answer is: The interest is $8,390.53, and the APR is 5%.
3 answers