Find the APR (true annual interest rate), to the nearest half percent, for the following.
-Amount financed: $3600 Monthly payment: $166.95
Number of payments: 24

Question

Quizplus · Accepted Answer

The APR can be calculated using the formula for the monthly payment of an installment loan. By setting up the equation for the monthly payment and solving for the interest rate, the APR is found to be approximately 10.5%.

Find the APR (True Annual Interest Rate), to the Nearest