Calculate the Annual Percentage Rate for the Following Installment Loan

question 80

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. $$\begin{array} { l l l l l } \text { Amount } & \text { Number of } & \text { Monthly } & \text { Finance } & \\ \underline {\text { Financed } }& \ \underline {text { Payments } }& \underline { \text { Payment } } & \underline { \text { Charge } } & \underline {\text { APR }} \\\$ 18,600 & 72 & \$ 21.08 & &\end{array}$$

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