Find the Approximate Annual Percentage Rate Using the Approximate Annual

question 30

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: $315
Finance charge: $26
Number of monthly payments: 12

• A)9.0%
• B)18.0%
• C)15.2%
• D)7.9%

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Definitions:

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The tension or antagonism in society associated with competing socioeconomic interests and desires between people of different classes.

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A 19th-century philosopher, economist, and sociologist known for his critique of capitalism and theory of class struggle, leading to the development of Marxist theory.

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