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steve elroy needs an installment loan of 1,900. he must repay the loan 169.00 a

Business & Finance
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month for 12 months. what is the APR?

Apr 20th, 2015

Installment loan = $1,900

Repay loan per month = $169

Repay loan for 12 months = $169 * 12

                                           = $2,028

Interest for 12 months or year = $2,028 - $1,900

                                                 = $128

Annual Percentage Rate(APR) = $128/$1,900  * 100

                                                    = 6.736 %  or 6.74 %   Approximately 

Apr 20th, 2015

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