You just borrowed $10,000 from the crooked bank at 10% with monthly payments for 60 months....

50.1K

Verified Solution

Question

Finance

You just borrowed $10,000 from the crooked bank at 10% withmonthly payments for 60 months. you had to pay an origination feeof $250 at the time you borrowed the money. What is the APR on theloan?

Answer & Explanation Solved by verified expert
3.8 Ratings (603 Votes)
AS NOTHING IS    See Answer
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

Transcribed Image Text

You just borrowed $10,000 from the crooked bank at 10% withmonthly payments for 60 months. you had to pay an origination feeof $250 at the time you borrowed the money. What is the APR on theloan?

Other questions asked by students