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Find the effective rate of interest (APR) for a loan with a loan amount of $3,264, a time of 120 days, and interest of $136. Round to the nearest tenth of a percent.

Find the effective rate of interest (APR) for a loan with a loan amount of $3,264, a time of 120 days, and interest of $136. Round to the nearest tenth of a percent.
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4 votes
Find the effective rate of interest (APR) for a loan with a loan amount of $3,264, a time of 120 days, and interest of $136. Round to the nearest tenth of a percent.

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User Leonigmig
by
8.5k points

1 Answer

4 votes
I=prt
136=3264*(120/360)*r
Solve for r
R=0.125*100=12.5%
answered
User Indhira
by
8.9k points
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