Kim received an installment loan of $5,000. She agreed to make 24 monthly payments. Her finance...

 

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Kim received an installment loan of $5,000. She agreed to make 24 monthly payments. Her finance charge is $554. What is the APR? APR 10.00 % 10.25% 10.50 % 10.75 % 11.00 % 11.25 % 11.50 % 11.75% 12.00% 12.25% Term 6 12 18 24 Finance Charge per $100 of Amount Financed $3.08 $3.16 $3.23 $3.31 $3.38 5.92 6.06 6.20 6.34 8.73 8.93 9.14 9.35 11.58 11.86 12.14 $2.94 $3.01 5.50 5.64 5.78 8.10 8.31 8.52 10.75 11.02 11.30 $3.45 $3.53 6.48 6.62 9.56 9.77 12.42 12.70 12.98 $3.60 6.76 9.98 13.26 Kim received an installment loan of $5,000. She agreed to make 24 monthly payments. Her finance charge is $554. What is the APR? APR 10.00 % 10.25% 10.50 % 10.75 % 11.00 % 11.25 % 11.50 % 11.75% 12.00% 12.25% Term 6 12 18 24 Finance Charge per $100 of Amount Financed $3.08 $3.16 $3.23 $3.31 $3.38 5.92 6.06 6.20 6.34 8.73 8.93 9.14 9.35 11.58 11.86 12.14 $2.94 $3.01 5.50 5.64 5.78 8.10 8.31 8.52 10.75 11.02 11.30 $3.45 $3.53 6.48 6.62 9.56 9.77 12.42 12.70 12.98 $3.60 6.76 9.98 13.26

Answer rating: 100% (QA)

To find the APR we need to use the formula APR Finance ... View the full answer