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(Solution) - To purchase a used automobile you borrow 8 000 from Loan

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To purchase a used automobile, you borrow $8,000 from Loan Shark Enterprises. They tell you the interest rate being charged is 1% per month for 35 months. They also charge you $200 for a credit investigation, so you leave with $7,800 in your pocket. The monthly payment they calculated for you is

To purchase a used automobile, you borrow $8,000 from Loan
If you agree to these terms and sign their contract, what is the actual APR (annual percentage rate) that you are paying?


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This question was answered on: Jul 11, 2017

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