Find the APR (true annual interest rate), to the nearest half percent, for the following loan.AmountFinanceNumber ofFinancedChargeMonthly Payments$2800$10012Click the icon to view the annual percentage rate table.The annual percentage rate is %.Enter your answer in the answer box.

APR FORMULA: APR =interestprincipaln×365×100 where, n = no of term of loan in days

Find the APR (true annual interest rate), to the nearest half percent, for the following loan. Amount Financed Finance Number of Charge Monthly Payments $2800 $100 12 Click the icon to view the annual percentage rate table. The annual percentage rate is %.

Find the APR (true annual interest rate), to the nearest half percent, for the following loan. Amount Financed Finance Number of Charge Monthly Payments $2800 $100 12 Click the icon to view the annual percentage rate table. The annual percentage rate is %.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 22PROB

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Question

Find the APR (true annual interest rate), to the nearest half percent, for the following loan.
Amount
Finance
Number of
Financed
Charge
Monthly Payments
$2800
$100
12
Click the icon to view the annual percentage rate table.
The annual percentage rate is %.
Enter your answer in the answer box.

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