Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dave borrowed $560 on January 1, 2019. The bank charged him a $4.00 service charge and interest was $43.60. If Dave paid the $560 in

image text in transcribed
Dave borrowed $560 on January 1, 2019. The bank charged him a $4.00 service charge and interest was $43.60. If Dave paid the $560 in 12 equal monthly payments, what was the APR? (Enter your answer as a percent rounded to 1 decimal place.) Annual percentage rate %

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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Finance questions