Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3 Virginia has ust been quoted what appears to be a very competitive loan for $2,000 to be paid back in 24 monthly payments of

image text in transcribed
3 Virginia has ust been quoted what appears to be a very competitive loan for $2,000 to be paid back in 24 monthly payments of $96.66 with a finance charge of $240. Using the n-ratio method of estimating the APR, what is the APR on this loan? Y(95P+9)F APR- 12P(P + 1)(4D+F)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

HR Self Audits A Strategy For Continuous Improvement

Authors: Wynette Harewood, Marilyn Silverman

1st Edition

B0BQXT8R3P, 979-8843293192

More Books

Students also viewed these Accounting questions

Question

3. Evaluate your listeners and tailor your speech to them

Answered: 1 week ago