Calculate the Annual Percentage Rate for the Following Installment Loan

question 41

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. $$\begin{array} { l l l l l } \text { Amount } & \text { Number of } & \text { Monthly } & \text { Finance } & \\ \underline {\text { Financed }} & \underline {\text { Payments} } & \underline { \text { Payment } } & \underline {\text { Charge } }& \underline {\text { APR} } \\\$ 25,500 & 60 & \$ 680.00 & &\end{array}$$

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Definitions:

Archegonium

A female reproductive structure in ferns, mosses, and some conifers, where the egg cell is produced and fertilization occurs.

Eggs

The female reproductive cells of animals, often enclosed in a protective outer shell, from which the offspring develops.

Sporogenous Cells

Cells specialized in generating spores, which are a form of reproductive cell capable of developing into a new organism.

Mitosis

Mitosis is a process of cell division in which one cell divides to produce two genetically identical daughter cells, ensuring equal distribution of chromosomes.