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Therra bought a gold bracelet for $168. She paid a finance charge of $49 and paid over eight month What is the approximate APR for her purchase? 45.3% 43.8% 40.1% 38.2%

Therra bought a gold bracelet for $168. She paid a finance charge of $49 and paid over eight month What is the approximate APR for her purchase? 45.3% 43.8% 40.1% 38.2%
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Therra bought a gold bracelet for $168. She paid a finance charge of $49 and paid over eight month

What is the approximate APR for her purchase?
45.3%
43.8%
40.1%
38.2%

asked
User Mike Fechner
by
8.3k points

1 Answer

3 votes

Answer:

  • B. 43.8%

Explanation:

Approximate APR (annual percentage rate) is:

  • (49/168)*(12/8)*100% = 43.75% ≈ 43.8%

Correct choice is B

answered
User Maxim Metelskiy
by
8.1k points
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