jocekinn jocekinn

07-04-2017
Mathematics

contestada

Find the effective rate of interest (APR) for a loan with a loan amount of $3,264, a time of 120 days, and interest of $136. Round to the nearest tenth of a percent.

Respuesta :

Aliwohaish12 Aliwohaish12

07-04-2017

I=prt
136=3264*(120/360)*r
Solve for r
R=0.125*100=12.5%

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