A bicycle is purchased for $530 and financed for 12 months. If the total finance charge is $36.46, find the annual percentage rate.
this is the options that i have
12.50%
12.00%
12.25%
12.75%
Annual Percentage Rate
APR = [Principal*Rate*Year/100 + Additional Charges)] / (Principal*Years) * 100
Original Loan Amount: $530.00
Interest: $0
Financing Fees: $36.46
Total Financing Charges: $36.46
Total Loan Principal: $566.46
APR: 12.4641% = 12.50%
Formula APR (%) = Principal x Rate x Years - + Additional Charges 100 - x 100 (Principal x Years) APR - Annual Percentage Rate Principal loan amount Rate - interest rate per year Years number of periods or years getcalc.com
Get Answers For Free
Most questions answered within 1 hours.