Answer:
[tex]APR =( (\frac{\frac{Fees+interest}{Principal}}{n}) * 365)*100\\[/tex]
Step-by-step explanation:
Annual percentage Rate (APR) is the rate charged annually for borrowing money or money earned through investment.
The formula used to find APR is:
[tex]APR =( (\frac{\frac{Fees+interest}{Principal}}{n}) * 365)*100\\[/tex]
Where Interest= Total amount paid over the life of loan
Principal = Amount of Loan Taken
n= No of days loan is to be returned.
