Natasha Gargarin paid $195 interest on a $2000 purchase. If she made 12 equal monthly payments to pay off the account, what was the APR for this purchase?
Stacey Warren - Expert brainly.com
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think that last ones a little off.....
16 1/2% (that is, 16.5%)
17 1/2% (that is, 17.5%)
We need to use Table 13.3 to determine the APR, and it is displayed based on the finance charge per $100. So we need to calculate how much finance charge Natasha paid per $100.
($195/$2000)*($100) = $9.75
Turning to Table 13.3, for the line with no. payments = 12, $9.75 is closest to the column for 17.5%. So the APR is approximately 17 1/2% (17.5%)
good job!! thanks alot!!
9.75 i had .... just couldnt figure what to do with it ;)