ryanwilliamson8306 ryanwilliamson8306

09-04-2020
Mathematics

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Calculate the APR of a loan for $9,775 (which includes loan fees of $210), at 13% for 4 years. Round your answer to the nearest hundredth percent.

Respuesta :

lauravramirez lauravramirez

09-04-2020

Answer: 13.54%

Step-by-step explanation:

We compute the annual percentage rate (APR) using the formula:

APR=[(loanfee+interest)/Principaln×365]×100

Where n is the number of days in the loan repayment term.

In our question, we have:

r = 0.13n=4×365=1,460 days.

Therefore:APR=[(210+9,775×0.13)/9,7751,460×365]×100=13.54%

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