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Sagot :
The annual percentage rate is 0.54%
To solve this problem, we have to apply the concept of simple interest
Simple Interest
The formula of simple interest is given as
[tex]I = {PRT}[/tex]
Where;
- I = Interest (finance charge)
- P = principal
- R = rate
- T = time
Let us substitute the values and solve for the rate.
[tex]I = {PRT} \\378.10 = {3870*R*18}\\378.10 = 69660R\\R = \frac{378.10}{69660}\\ R= 0.0054\\R= 0.0054 * 100 \\R = 0.54 \%[/tex]
The annual percentage rate is 0.54%
Learn more on simple interest here;
https://brainly.com/question/1115815
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