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

question 7

Multiple Choice

Find the APR (rounded to the nearest percent) for the loan below. Purchased a car for $48,750 at 8.9% add-on interest for 5 years.

• A) \(2 \%\)
• B) \(9 \%\)
• C) \(45 \%\)
• D) \(18 \%\)
• E) \(15 \%\)

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Definitions:

Industrial Goods

Products and materials used in the production process of other goods, rather than goods purchased directly by consumers.

Traditional Organization

Describes an organizational structure characterized by a clear hierarchy, rigid departmentalization, and a focus on adherence to established procedures and policies.

Localization

the process of adapting a product, application, or content to meet the language, cultural, and other requirements of a specific target market or locale.

Glocalization

A portmanteau of globalization and localization, describing how global practices are adapted to local cultures and environments.