Register
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?
178k views
1 vote
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
4.8k points

2 Answers

7 votes

Answer:

APR

Step-by-step explanation:

Correct on Odyssey

User Mahendra Jella
by
5.4k 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
5.2k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

5.1m questions

6.7m answers

Other Questions

Misk Co. purchased the following securities during 20X7 to be classified as held-to-maturity securities, trading securities, or available-for-sale securities: I. Debt securities bought and held for the
Which of the following should be considered last when searching for financing? Family members Banks Commercial finance companies Credit cards I'm guessing it's C but idk
Explain the similarities and differences between how both producers and consumer use money
Donna's philosophy as she coordinates the marketing efforts is to keep in mind the company's overarching strategy, and to ensure that all marketing activities send a consistent message, beginning with
Brett buys a new cell phone for​ $100. he receives consumer surplus of​ $80 from the purchase. how much does brett value his cell​ phone?
Link Copied!