NAME: DATE 1. Calculate the approximate APR to two decimal places using the following information: Number of payment periods in one year: 12 Finance charge: 572 Principal: $900 Total number of payments to pay off loan: 12 2. The annual interest rate on your credit card is 21 percent. What is the monthly rate? 3. The is the interest rate that banks offer to their best business customers. 4. Sally borrows $250 and will pay Interest at an annual rate of 12 percent. If the loan is to be paid back in six months, what is the dollar cost of the interest on this loan? 9. With rate loans, the interest rate goes up and down with inflation and other economic indicators. 10. You decide to buy a new 88 Samsung TV, which is on sale for $2.399 Rather than paying cash, you put it on your Visa card. You will pay $88 per month for 3 years. What is the APR on this purchase