Find the Approximate Annual Percentage Rate Using the Approximate Annual

question 79

Multiple Choice

Find the approximate annual percentage rate using the approximate annual percentage rate formula. Round to the nearest tenth of a percent.
-Amount financed: $403
Finance charge: $50
Number of monthly payments: 18

• A)17.5%
• B)15.7%
• C)9.8%
• D)12.4%

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Definitions:

Teotihuacán

Refers to an ancient Mesoamerican city located in what is now Mexico, known for its vast size, complex urban layout, and monumental pyramids like the Pyramid of the Sun and the Pyramid of the Moon.

Ritual

A set series of actions performed according to a prescribed order, often with symbolic meaning, used in religious, spiritual, or cultural ceremonies.

Mimbres Culture

A Native American culture centered in what is now the southwestern United States, known for its black-on-white pottery with intricate geometric designs.

Black-on-white Painted Bowls

Types of ceramic bowls characterized by their decorative style, which includes black designs painted on a white background, common in Ancestral Puebloan pottery.