Calculate the Annual Percentage Rate for the Following Installment Loan

question 46

Short Answer

Calculate the annual percentage rate for the following installment loan using the APR formula, rounding dollars to the nearest cent and percents to the nearest hundredth. $$\begin{array} { l l l l l } \text { Amount } & \text { Number of } & \text { Monthly } & \text { Finance } & \\ \underline {\text { Financed }} & \underline { \text { Payments } } & \underline { \text { Payment } } & \underline { \text { Charge } } & \underline {\text { APR } }\\\$ 15,250 & 48 & \$ 484.25 & &\end{array}$$

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Definitions:

Finalizers

Special methods in Java that the garbage collector calls on an object when no more references to the object exist, to perform cleanup operations before the object is destroyed.

Illegal Statements

Code elements in programming that violate the syntax rules of the programming language and prevent the code from compiling.

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