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Penny paid off a loan with a simple interest rate of 11% in 6 months. What was the APR?

Penny paid off a loan with a simple interest rate of 11% in 6 months. What was the APR?
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3 votes
Penny paid off a loan with a simple interest rate of 11% in 6 months. What was the APR?

asked
User Alkini
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7.1k points

1 Answer

4 votes

Answer:

The solution is Option C.

The annual percentage rate of Penny is 22.4 %

Explanation:

answered
User Jonck
by
7.9k points
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