Share
DIC A student has a total of 73.94. Dete
Question
DIC A student has a total of
in progress
0
Mathematics
3 years
2021-08-12T13:21:01+00:00
2021-08-12T13:21:01+00:00 1 Answers
39 views
0
Answers ( )
Answer:
The APR of the loan was 18.30%.
Step-by-step explanation:
Given that a student has a total of 73.94, to determine the APR of the loan to the nearest one-half of a percent the following calculation must be done:
3,000 = 100
(73.94 x 48) = X
3,000 = 100
3,549.12 = X
3,549.12 x 100 / 3,000 = X
354,912 / 3000 = X
118.30 = X
118.30 – 100 = 18.30
Therefore, the APR of the loan was 18.30%.