Find the Approximate Annual Percentage Rate Using the Approximate Annual

question 32

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: $1,400
Finance charge: $260
Number of monthly payments: 36

• A)9.1%
• B)26.7%
• C)18.6%
• D)12.0%

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