Find the APR (True Annual Interest Rate), to the Nearest

question 245

Multiple Choice

Find the APR (true annual interest rate) , to the nearest half percent, for the following loan.
-Amount Financed = $7200 Finance Charge = $2230
Number of Monthly Payments = 60

• A)10.5%
• B)12%
• C)11.5%
• D)11%

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