kaytee2819 kaytee2819

30-03-2020
Business

contestada

You have arranged for a loan on your new car that will require the first payment today. The loan is for $24,500, and the monthly payments are $465. If the loan will be paid off over the next 60 months, what is the APR of the loan?

Respuesta :

olatunjiayom olatunjiayom

02-04-2020

Answer:

84%

Explanation:

APR is the annual rate of interest that is paid on an investment, without taking into account the compounding of interest within that year. APR is calculated by multiplying the periodic interest rate by the number of periods in a year in which the periodic rate is applied.

Divide the finance charge by the loan amount. In this case, $3,400 divided by $24,500 equals 0.138

Multiply the result by 365 to get 50.4

Divide the result by the term of the loan. In this case, 50.4 divided by 60 is 0.84

Multiply the result by 100 to turn the answer into a percentage 84%

Answer Link

Otras preguntas

Abigail mentions her son Johnny in her letters. What role did he go on to play in American history?

why did the u.s begin to favor britain and France?

How does Odysseus reveal his true identity to Eumaeus and Philoetius, and what does he promise them if they help vanquish the suitors?

Choose the conjunctive adverb that best completes the sentence: Marcos chopped onions for the soup; _____, Maria prepared the cheese plate. finally accordingly

Wendi is a 2-year-old girl, and her parents take away her older brother's toy trucks when she attempts to play with them. according to social learning theory of

At the beginning of the year, Jerome had a balance of $0 in his bank account. He later deposited $120 into the account and then withdrew $85 from it. Which num

14 fr to 21 ft ( simply )

HELP ENVIRONMENTAL SCIENCE!!!!!!!!!!! What was the most important result of the meireki fire of 1657 in edo? a) it decreased the population of the city, thereb

What is the symbol for velocity

Does the table represent a function?

ACCESS MORE EDU ACCESS