Answered

Find solutions to your problems with the help of IDNLearn.com's knowledgeable users. Ask your questions and receive reliable, detailed answers from our dedicated community of experts.

The Jones family bought a refrigerator for $900. They paid installments over 4 years at an add-on rate of 6%. What is the approximate APR? ASAP

Sagot :

Jayilych4realidn

The approximate APR for the purchase is 16%


Calculations and Parameters

To calculate the annual percentage rate (APR)

We would calculate the interest rate

Add the administrative fees to the interest amount

Divide the loan amount (principal)

Divide by the total number of days in the loan term

Multiply all year

Multiply by 100 to convert to a percentage

Interest= P * R * t

APR= [tex]\frac{\frac{216}{900}}{6 * 4 * 100}[/tex]

APR = 16%

Read more about APR here:

https://brainly.com/question/2772156

#SPJ1

Your engagement is important to us. Keep sharing your knowledge and experiences. Let's create a learning environment that is both enjoyable and beneficial. IDNLearn.com provides the best answers to your questions. Thank you for visiting, and come back soon for more helpful information.