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

question 72

Multiple Choice

Find the APR (true annual interest rate) , to the nearest half percent, for the following.
-Amount financed: $7300 Monthly payment: $188.67
Number of payments: 48

• A)8%
• B)12%
• C)11%
• D)9%

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Definitions:

Adjusting Entry

Journal entries made in an accounting period's end to allocate revenues and expenses to the period in which they actually occurred.

Rent Receivable

An account in the balance sheet that represents the amount of rental payments owed to a property owner but not yet received.

Adjusting Entry

A journal entry made in the accounting records at the end of an accounting period to allocate income and expenditure to the appropriate period.

Interest Payable

A liability account on a company's balance sheet representing the amount of interest expense that has been incurred but not yet paid.