Answered

Discover how IDNLearn.com can help you learn and grow with its extensive Q&A platform. Whether your question is simple or complex, our community is here to provide detailed and trustworthy answers quickly and effectively.

Penny paid off a loan with a simple interest rate of 11.2% in 6 months. What was the APR?
11.2%
9.6%
22.4%
19.2%
5.6%

Sagot :

He gets paid 1266% that’s the answe

Answer: 19.2%

Step-by-step explanation:

APR= (2(n)(r))/(n+1)

APR= 2(6)(0.112)/(6+1)

APR= 19.2

n= number of monthly payments (6)

r= the rate (11.2% or 0.112)

Your engagement is important to us. Keep sharing your knowledge and experiences. Let's create a learning environment that is both enjoyable and beneficial. Your questions find clarity at IDNLearn.com. Thanks for stopping by, and come back for more dependable solutions.