Question
John Palmer has just been quoted what appears to be a very competitive loan for $3,500 to be paid back in 36 monthly payments of
John Palmer has just been quoted what appears to be a very competitive loan for $3,500 to be paid back in 36 monthly payments of $123.47 and a finance charge of $945. However, the lender said that the interest would be calculated using the add-on method. Using the n-ratio method of estimating the APR, what is the APR on this loan?
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Financial Accounting
Authors: Carl Warren, James M. Reeve, Philip E. Fess
8th Edition
0324025394, 978-0324025392
