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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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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 JordanC
by
8.1k points

2 Answers

7 votes

Answer:

APR

Step-by-step explanation:

Correct on Odyssey

User Mahendra Jella
by
8.8k points
1 vote
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 DccBr
by
7.7k points
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