Posted by Israel on Tuesday, November 27, 2007 at 10:08am.
Paul needs to repay a loan(installment loan) of $3,500 with 20 equal monthly payments of $196 each. What is the APR of the laon?
I got 11.16% then I got 12 % so I don't know
From R = Pi/[1 - (1+i)^-n]
Using an APR of 13.25% compounded monthly:
R = 3500(.011041666)/[1-(1.011041666)^-20] = $196.00.
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