Question

Anna bought a DVR which cost $299. She paid a finance charge of $58 and paid for 12 months. What is her approximate APR?

Answer 1

(58÷12)÷299)*100==1.61%

Answer 2

19.4%

Explanation:

58/12*12= 58

58/299= 0.1939

move the decimal to the right 2 places to get final answer