Find the annual percentage rate on a loan of $1,500 for 18 months if the loan requires $190 interest and is repaid monthly.

I = PRT

Note: T = 1.5

To find the annual percentage rate (APR) on a loan, we need to follow a few steps:

Step 1: Calculate the total repayment amount.
The total repayment amount can be calculated by adding the loan amount ($1,500) and the interest paid over the 18-month period ($190). In this case, the total repayment amount would be $1,500 + $190 = $1,690.

Step 2: Calculate the monthly payment.
Since the loan is repaid monthly over 18 months, we can divide the total repayment amount ($1,690) by the number of months (18) to find the monthly payment. In this case, the monthly payment would be $1,690 ÷ 18 = $93.89 (rounded to two decimal places).

Step 3: Calculate the monthly interest rate.
The monthly interest rate can be calculated by dividing the interest paid ($190) by the loan amount ($1,500). In this case, the monthly interest rate would be $190 ÷ $1,500 = 0.1267 (rounded to four decimal places).

Step 4: Convert the monthly interest rate to an annual interest rate.
To convert the monthly interest rate to an annual rate, we multiply the monthly rate by 12 (the number of months in a year). In this case, the annual interest rate would be 0.1267 x 12 = 1.5204 (rounded to four decimal places).

Step 5: Multiply the annual interest rate by 100 to get the APR.
To express the annual interest rate as a percentage, we multiply the rate by 100. In this case, the APR would be 1.5204 x 100 = 152.04%.

Therefore, the annual percentage rate (APR) on the loan of $1,500 for 18 months, with a $190 interest and monthly repayments, is approximately 152.04%.