Question
You applied for a $4,000 loan payable in one year and was provided the following data; interest due at payoff of $550, application fee $120.
You applied for a $4,000 loan payable in one year and was provided the following data; interest due at payoff of $550, application fee $120. What is the APR of the loan?
A)16.75%
B)other
C)10.75%
D)13.75%
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Financial Markets And Institutions
Authors: Anthony Saunders, Marcia Cornett
4th Edition
0077262379, 978-0077262372
