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Question

Four friends were comparing installment loans. They each planned to borrow $850. Adam Carter wanted to make one monthly payment of$900. Betsy Dunn preferred to make 900 monthly payments of $1 each. More realistically, Chris Evans decided to make 18 monthly payments of$50 each. Darcy Fogel chose to make 30 monthly payments of $30 each. To the nearest hundredth of a percent, find the APR for each. You can use the table or the formula for Chris and Darcy.

Solution

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Answered 1 year ago

Step 1

1 of 8The goal of this exercise is to determine the annual percentage rate of the four employees.

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