#1 (1pt.) See the loan advertisement from the Bank of America and its terms betow. Explain how the APRs (5,99%,29.76%) are calculated. Apply to borrow up to $500 when you need it. - Quick and easy online application - Access to money within minutes - Pay only a $5 fee 1 1 The $5 fee is the only fee charged for opening a Balance Assist loan and there are no other interest or finance charges. To help you compare this to other products in the market, the $5 fee would translate into an effective Annual Percentage Rate (APR) of 5.99%29.76% depending on the amount borrowed. Repayment is made monthly over a period of three months. Example: if you took a $100 Balance Assist, your total to repay would be $105, with a payment of $35 due in 30 days, $35 in 60 days and $35 in 90 days. APR=Per period rate x periods per year