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Using a calculator and the formula above, calculate the APR. Choose the correct answer. Betty Buyer has a short term note at 16% interest per year. To the nearest tenth, APR = 15.9 17.2 16.6 %.
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Using a calculator and the formula above, calculate the APR. Choose the correct answer.

Betty Buyer has a short term note at 16% interest per year.

To the nearest tenth, APR =
15.9
17.2
16.6

%.

User Maxfax
by
8.9k points

1 Answer

6 votes
APR=(1+r/12)^(12)-1
APR=(1+0.16÷12)^(12)−1
APR=0.172×100
APR=17.2%
User Dimsuz
by
8.5k points
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