Solved

Find the Approximate Annual Percentage Rate Using the Approximate Annual

Question 92

Multiple Choice

Find the approximate annual percentage rate using the approximate annual percentage rate formula. Round to the nearest tenth of a percent.
-Amount financed: $300
Finance charge: $50
Number of monthly payments: 24


A) 16.0%
B) 17.4%
C) 16.7%
D) 14.8%

Correct Answer:

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