Calculating APR requires that the total amount financed be divided by the interest charge and then multiplied by 100.

Name: Calculating APR requires that the total amount financed be divided by the interest charge and then multiplied by 100.
Brand: Quizplus
Rating: 4.7 (43 reviews)

Question

Quizplus · Accepted Answer

APR (Annual Percentage Rate) is calculated by taking the interest rate and any additional fees or costs into account, not just dividing the interest charge by the amount financed.

Calculating APR Requires That the Total Amount Financed Be Divided