Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Joshua borrowed $1,300 for one year and paid $65 in interest. The bank charged him a service charge of $8. If Joshua paid the $1,300

Joshua borrowed $1,300 for one year and paid $65 in interest. The bank charged him a service charge of $8. If Joshua paid the $1,300 in 12 equal monthly payments, what is the APR? (Enter your answer as a percent rounded to 1 decimal place.)

APR %

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

Recommended Textbook for

The Routledge Handbook Of Responsible Investment

Authors: Tessa Hebb, James Hawley, Andreas Hoepner, Agnes Neher, David Wood

1st Edition

0415624517, 978-0415624510

More Books

Students also viewed these Finance questions

Question

1-4 How will MIS help my career?

Answered: 1 week ago