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% ?
Using several pseudonyms, as you have for this and the previous 5 posts, is unnecessary.
excuse me? can you please help me with my math problems please? Thank You.
Ralph, Kevin, Kendra, Nikki, Carly, Kim, or whoever...
Ms. Sue means that you don't need to keep posting under different names; we can see that you are posting from only one computer.
And I will add this: Understand that no one here will do your work for you. However, we will be happy to read over whatever you come up with and make suggestions and/or corrections.
Please post what you think.
To determine the total finance charge, we need to add the interest paid and the processing fee. In this case, the interest paid is $95.00 and the processing fee is $20.00. So, the total finance charge would be $115.00 ($95.00 + $20.00).
To calculate the APR (Annual Percentage Rate), we need to divide the total finance charge by the amount borrowed. The amount borrowed in this case is $750. So, the APR would be approximately 15.3% ($115.00 / $750).
Therefore, based on the given options, the correct answers would be:
The total finance charge is $115.00.
The APR, to the nearest tenth, is 15.3%.
Now that you understand how the answers were obtained, I hope you find this helpful. Is there anything else I can assist you with?