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

question 106

Short Answer

Find the APR (rounded to the nearest percent) for the loan below.
Purchased a car for $15,950 at 8.4% add-on interest for 5 years.
__________ %

---

Definitions:

Intuition

The ability to understand or know something immediately, based on feelings rather than facts or evidence.

Scientific Investigations

A systematic process of inquiry and experimentation aimed at discovering new knowledge or verifying existing knowledge.

Skepticism

An attitude of doubt or a disposition to disbelief, often requiring strong evidence before accepting any claims.

Careful Logic

A method of reasoning or argumentation that is meticulous and precise, avoiding errors in inference.