18. Noah paid off a loan with a simple interest rate of

9.7% in 4 months. What was the APR?

9.7%

29.1%

02.43

15.5%

O 3.23%

Question

Marquise Pena

Mathematics

6 January, 16:42

18. Noah paid off a loan with a simple interest rate of

9.7% in 4 months. What was the APR?

9.7%

29.1%

02.43

15.5%

O 3.23%

+3

Answers (1)

Know the Answer?

Lillianna Vincent · Answer 1

29.1% is the correct APR

Step-by-step explanation:

Annual percentage rate = (interest+fees) / principal amount/n*365 days

interest is 9.7%

fees is not applicable to this question

principal is 100%

n is the number of days the loan was taken out for which is 4 months and the 365 days would be represented by 12 months instead.

annual percentage rate (APR) = (9.7%/100%/4) * 12=29.1%

The correct option is 29.1% which represents the annual rate of interest on the loan taken by Noah on yearly basis

18. Noah paid off a loan with a simple interest rate of9.7% in 4 months. What was the APR?9.7%29.1%02.4315.5%O 3.23%

18. Noah paid off a loan with a simple interest rate of

9.7% in 4 months. What was the APR?

9.7%

29.1%

02.43

15.5%

O 3.23%