Find the APR (Rounded to the Nearest Percent) for the Loan

question 227

Multiple Choice

Find the APR (rounded to the nearest percent) for the loan below. Purchased a lawn mower for $2,150 at 13% add-on interest for 3 years.

• A) \(20 \%\)
• B) \(25 \%\)
• C) \(4 \%\)
• D) \(39 \%\)
• E) \(13 \%\)

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Definitions:

Negative

A term used to describe values, numbers, or expressions that are less than zero, often indicating a direction opposite to what is considered positive.

Positive

A term indicating a value greater than zero, or a positive direction or effect.

Sample Mean

The average value of a random sample taken from a population.

Symbols

Characters or marks used to represent objects, quantities, or concepts in various fields like mathematics, music, and art.