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ALGEBRA

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Find the APR for the following loan (monthly payments). (Round your answer to the nearest full percent.)
Purchase a refrigerator for $2,100 at 20% add-on interest for 3 years.

  • ALGEBRA - ,

    Use formula APR=2Nr/N+1

    2(36)(.20)/36+1

    The first equation =14.40
    bottom equation= 37
    Divide 14.40/37=0.389189
    change decimal to a percent so, 0.389189=39 rounded

    so, N=time turned into month, so intead of time being 3, it is 36 because 3 years equals 36

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