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April 23, 2014

Homework Help: math

Posted by Kimmy on Tuesday, January 26, 2010 at 6:42pm.

Karla borrowed $750 at 12 percent for one year. She paid a $20 processing fee.

The interest paid will be $95.00, $92.50, or $90.00

Thus, the total finance charge (the interest plus the processing fee) will be? $115.00, $112.50, or $110.00 ?

Therefore, to the nearest tenth, the APR = total finance charge (divided by) amount borrowed = 14.7%, 14.3%, or 13.9% ?

Thanks much.

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