Solve the Problem

question 29

Multiple Choice

Solve the problem. Use the approximate APR formula to estimate the APR, and round rates to the nearest tenth of a percent.
-Maria Perez bought a washer-dryer combination on sale for $450, charging it to her card and agreeing to pay $40.51 per month for one year. Find the approximate annual percentage rate for this loan.

• A)14%
• B)15.8%
• C)16%
• D)14.8%

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Definitions:

Genetic Tendencies

Inherited propensities or predispositions toward certain traits, behaviors, or health outcomes.

Environmental Influences

External factors such as culture, education, social interactions, and physical surroundings that impact an individual's development and behavior.

Historical Roots

The origin or basis of something, particularly tracing back to its earliest known evidence or conception in history.

Personality Psychology

Personality psychology focuses on understanding how individual differences in behavior, patterns of thinking, and emotions arise, and how these differences contribute to personal identity.