3
QuizMultiple Choice

Installment Loans

Question 3 • Applications and Modeling

You are borrowing $4,000 to purchase a HD plasma TV using a 36 month installment plan. Determine the annual percentage rate (APR) using the APR formula given that the interest charge is $782.96. Round your answer to the nearest whole percent.a.0.1196%c.12%b.11.50%d.13%

Answer
A
A
B
B
C
C
D
D
Previous
Next