Find the APR (True Annual Interest Rate), to the Nearest $= \$ 1200$

question 227

Multiple Choice

Find the APR (true annual interest rate) , to the nearest half percent, for the following loan.
-Amount Financed $= \$ 1200$
Finance Charge $= \$ 90$
Number of Monthly Payments $= 12$

• A) \(12 \%\)
• B) \(12.5 \%\)
• C) \(13 \%\)
• D) \(13.5 \%\)

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