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.

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

To find the APR (Annual Percentage Rate) for this loan, we need to use the formula:

APR = (Add-on interest rate / Loan term) * 12

Given that the add-on interest rate is 20% and the loan term is 3 years, let's calculate the APR step by step:

Step 1: Convert the add-on interest rate to a decimal:
Add-on interest rate = 20% = 0.20

Step 2: Calculate the APR:
APR = (0.20 / 3) * 12 = 0.0667 * 12 ≈ 0.80

Step 3: Convert the APR to a percentage (rounded to the nearest full percent):
APR ≈ 0.80 * 100 ≈ 80%

Therefore, the APR for this loan is approximately 80%.