Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Joshua borrowed $500 on January 1, 2017, and paid $25 in interest. The bank charged him a service charge of $11. He paid it all

image text in transcribed
Joshua borrowed $500 on January 1, 2017, and paid $25 in interest. The bank charged him a service charge of $11. He paid it all back at once on December 31, 2017. What was 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

Fundamentals Of Entrepreneurial Finance

Authors: Marco Da Rin, Thomas Hellmann

8th Edition

0199744750, 9780199744756

More Books

Students also viewed these Accounting questions

Question

Distinguish between short-term and long-term goals.

Answered: 1 week ago