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:

Trust's Purpose

The specific objectives or intentions for which a trust is established, guiding how the trust's assets are to be managed and used.

Constructive Trust

An equitable remedy resembling a trust, imposed by a court in order to benefit a party that has been unjustly enriched at another's expense, even though no actual trust has been created by the parties.

Legal Title

The formal right of ownership of property, recognized and protected by law, which may not necessarily entail the possession or use of the property.

Resulting Trust

A trust law concept that arises when one person holds the title to property under circumstances suggesting that he or she should not enjoy the full beneficial interest in the property.