menu
Qammunity.org
Login
Register
My account
Edit my Profile
Private messages
My favorites
Mr. Thompson borrowed $3,000. He repaid the loan with an interest charge of $500 in 36 equal monthly payments. What approximate annual percentage rate did he pay? Find the answe…
Ask a Question
Questions
Unanswered
Tags
Ask a Question
Mr. Thompson borrowed $3,000. He repaid the loan with an interest charge of $500 in 36 equal monthly payments. What approximate annual percentage rate did he pay? Find the answe…
asked
Oct 23, 2018
94.2k
views
3
votes
Mr. Thompson borrowed $3,000. He repaid the loan with an interest charge of $500 in 36 equal monthly payments. What approximate annual percentage rate did he pay? Find the answer to the nearest tenth of a percent.
Mathematics
high-school
Ivan Klochkov
asked
by
Ivan Klochkov
7.7k
points
answer
comment
share this
share
0 Comments
Please
log in
or
register
to add a comment.
Please
log in
or
register
to answer this question.
1
Answer
3
votes
The formula is
APR=(2 × n × I) / [P × (N + 1)]
APR=(2×12×500)÷(3,000×(36+1))
APR=(2×12×500)÷(3,000×37)
APR=0.1081×100
APR=10.81%
Gaggina
answered
Oct 28, 2018
by
Gaggina
7.5k
points
ask related question
comment
share this
0 Comments
Please
log in
or
register
to add a comment.
← Prev Question
Next Question →
No related questions found
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.
9.4m
questions
12.2m
answers
Categories
All categories
Mathematics
(3.7m)
History
(955k)
English
(903k)
Biology
(716k)
Chemistry
(440k)
Physics
(405k)
Social Studies
(564k)
Advanced Placement
(27.5k)
SAT
(19.1k)
Geography
(146k)
Health
(283k)
Arts
(107k)
Business
(468k)
Computers & Tech
(195k)
French
(33.9k)
German
(4.9k)
Spanish
(174k)
Medicine
(125k)
Law
(53.4k)
Engineering
(74.2k)
Other Questions
How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Twitter
WhatsApp
Facebook
Reddit
LinkedIn
Email
Link Copied!
Copy
Search Qammunity.org