Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. consider the following loan purchase a refrigerato

Consider the following loan purchase a refrigerator for 1 500 at 13 add on interest...

90.2K

Verified Solution

Question

Basic Math

image

Consider the following loan purchase a refrigerator for 1 500 at 13 add on interest for 3 years Give the formula used to approximate the annual percentage rate or APR for an add on loan where r is the annual interest rate as a decimal and N is the number of monthly payments APR Determine the following values for this loan r 0 13 N Find the APR rounded to the nearest tenth of a percent for the loan

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

A mutation in the liver enzyme PFK-2/FBPase-2 results in the loss of cAMP-dependent kinase phosphorylation site,...

Basic Math
1.2K views

Many agencies use sit sed questions as par their interview process This assignment can help...

Calculus
1.2K views

Find the following for the function f x 2 1 a f 0 e f...

Algebra
1.2K views

74 5 a Determine the quadrant in which the terminal side of 0 lies O...

Accounting
1.2K views

2. Weslaco Company has made the following information available for its production facility for the...

Accounting
1.2K views

Use the financial statements of Heifer Sports Inc. to find the information...

Accounting
1.2K views

1- Prepare adjusting entries 2- Prepare adjusted Trial balance 3- Prepare income...

Accounting
1.2K views

When should debt security be classified as held-to-maturity? Also, what is the GAAP definition of...

Accounting
1.2K views

Please explain your detailed answer in a paragraph or two. Look at Nike's annual report....

Accounting
1.2K views

20.3 What security and access measures should be in place for computer-based systems in the...

Accounting
1.2K views

Sunny Day Company makes customized golf shirts for sale to golf courses. Each shirt requires...

Accounting
1.2K views

Which of the following statements about organizational forms of a business is not correct? A)...