DIC A student has a total of $3000 in student loans that will be paid with a 48-month installment loan with monthly payments of $73.94. Dete

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DIC A student has a total of $3000 in student loans that will be paid with a 48-month installment loan with monthly payments of $73.94. Determine the APR of the loan to the nearest one-half of a percent​

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Thành Đạt 3 years 2021-08-12T13:21:01+00:00 1 Answers 39 views 0

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  1. Jezebel
    0
    2021-08-12T13:22:42+00:00
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    Answer:

    The APR of the loan was 18.30%.

    Step-by-step explanation:

    Given that a student has a total of $ 3000 in student loans that will be paid with a 48-month installment loan with monthly payments 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%.

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