Use an Annual Percentage Rate Table to Solve the Problem

question 169

Multiple Choice

Use an annual percentage rate table to solve the problem.
-A student has a total of $2000 in student loans that will be paid with a 48-month installment loan With monthly payments of $49.30. Determine the APR of the loan to the nearest one-half of a Percent.

• A) 8.5%
• B) 7.5%
• C) 9.5%
• D) 8.0%

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Definitions:

Health Costs

Expenses related to maintaining the health of individuals, including medical care, medications, and hospital services.

Maximum Price

A price ceiling set by the government, meant to prevent prices from reaching levels considered too high.

Market Price

The current price at which an asset or service can be bought or sold.

Doctor Visit

An appointment or instance in which an individual consults with a physician or medical professional for health assessment, advice, or treatment.