Question
Arthur borrowed $1,150 on January 1, 2022. The bank charged him a $4.50 service charge and interest paid was $94.40. If he paid the $1,150
Arthur borrowed $1,150 on January 1, 2022. The bank charged him a $4.50 service charge and interest paid was $94.40. If he paid the $1,150 in 12 equal monthly payments, what was the APR? Show your work with the APR calculation formula
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Foundations Of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
18th Edition
126409762X, 9781264097623
