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Ramon took out a car loan with an interest rate of 10 percent and paid $100 in loan application fees. What term describes the amount of interest Ramon will pay?
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18 votes
18 votes
Ramon took out a car loan with an interest rate of 10 percent and paid $100 in loan application fees. What term describes the amount of interest Ramon will pay?

User Sander Smith
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2 Answers

23 votes
23 votes

Answer:

APR

Step-by-step explanation:

Correct on Odyssey

User Jakim
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2.8k points
9 votes
9 votes
Answer: $110

Why?
The interest rate is 10% of 100. Meaning that

10% = 0.10
0.10 x 100 = 10

So Ramon will have to pay back the $100, plus another $10
User Noobzie
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2.0k points
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