Final answer:
The APR on a loan that charges 1.4% interest per month is found by multiplying the monthly rate by 12, giving an APR of 16.80%.
Step-by-step explanation:
The Annual Percentage Rate (APR) is a measure commonly used to compare borrowing costs, which includes interest and other charges that may apply to the loan. To calculate the APR based on a monthly interest rate, we would need to annualize the given monthly rate. Since the problem states an interest rate of 1.4% per month, we can calculate the APR by multiplying this monthly rate by 12 (the number of months in a year).
The calculation would be as follows:
APR = Monthly Interest Rate × Number of Months in a Year
APR = 1.4% × 12
APR = 16.8%
Therefore, the correct answer is (d) 16.80%.