Question

Carla Compra borrowed $800 at 14% for one year. She paid a $15 processing fee.

The interest paid will be $.
Thus, the total finance charge (the interest plus the processing fee) will be $
Therefore, to the nearest tenth, the APR = total finance charge ÷ amount borrowed =

Answer 1

Hi there!The interest paid will be $ 112.00.
Thus, the total finance charge (the interest plus the processing fee) will be $ 127.00
Therefore, to the nearest tenth, the APR = total finance charge ÷ amount borrowed = 15.9%.
Your friend, ASIAX

Answer 2

800×0.14=112
112+15=127
(127÷800)*100==15.88%