Find the apr to the nearest half percent for the following loan

Amount financed $3400
Finance charge $470
Number of monthly payments 36

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To find the APR (Annual Percentage Rate) to the nearest half percent for a loan, you will need the following information: the amount financed, the finance charge, and the number of monthly payments.

The APR represents the yearly cost of borrowing money and takes into account both the interest rate and any additional fees or charges associated with the loan. To calculate the APR, follow these steps:

1. Subtract the finance charge from the amount financed: $3400 - $470 = $2930.

2. Calculate the interest rate per period by dividing the finance charge by the number of monthly payments: $470 / 36 = $13.06.

3. Divide the interest rate per period by the amount financed: $13.06 / $2930 = 0.004475.

4. Multiply the result by 12 to convert to an annual rate: 0.004475 * 12 = 0.0537.

5. Multiply by 100 to express the rate as a percentage: 0.0537 * 100 = 5.37%.

6. Round the APR to the nearest half percent: 5.37% rounds to 5.5%.

Therefore, the APR to the nearest half percent for the loan with an amount financed of $3400, a finance charge of $470, and 36 monthly payments is 5.5%.

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