Question: Dryden Bank s personal loan department quotes Lance Greg a finance
Dryden Bank’s personal loan department quotes Lance Greg a finance charge of $3.75 for each $100 in credit the bank is willing to extend to him for a year (assuming the balance of the loan is to be paid off in 12 equal installments). What APR is the bank quoting Lance? How much would he save per $100 borrowed if he could retire the loan in six months?
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