document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1171629>Question 1171629</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the annual percentage rate using the annual percentage rate table. Here are some conditions of the loan. <BR>\n" );
document.write( "Amount Financed=$9600<BR>\n" );
document.write( "Finance Charge=2003.52<BR>\n" );
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document.write( "No. of Monthly Payments=36 </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #850893 by </B><A HREF=/tutors/aboutme.mpl?userid=CPhill><B>CPhill(1987)</B></A><img src=\"/images/stars/stars-12.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=CPhill><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=CPhill><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=850893\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> To find the annual percentage rate (APR) using an APR table, we need to calculate the finance charge per $100 of the amount financed.\r<BR>\n" );
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document.write( "Here's how:\r<BR>\n" );
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document.write( "1.  **Calculate the finance charge per $100:**<BR>\n" );
document.write( "    * (Finance Charge / Amount Financed) * $100<BR>\n" );
document.write( "    * ($2003.52 / $9600) * $100 = $20.87\r<BR>\n" );
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document.write( "2.  **Use the APR Table:**<BR>\n" );
document.write( "    * You'll need an APR table that shows finance charges per $100 for various loan terms (number of monthly payments).<BR>\n" );
document.write( "    * Look for the row corresponding to 36 monthly payments.<BR>\n" );
document.write( "    * Then, find the column that's closest to the $20.87 finance charge per $100.<BR>\n" );
document.write( "    * The APR at the top of that column is the approximate APR for the loan.\r<BR>\n" );
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document.write( "**Without the actual APR table, I can provide a general idea:**\r<BR>\n" );
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document.write( "* APR tables usually show that higher finance charges per $100 result in higher APRs.<BR>\n" );
document.write( "* For a loan with 36 monthly payments, a finance charge per $100 of $20.87 would typically correspond to an APR in the range of 12% to 14%, but this is an estimate.\r<BR>\n" );
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document.write( "**To get the exact APR:**\r<BR>\n" );
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document.write( "* You need to consult an actual APR table. These tables are often available online, in financial textbooks, or from lending institutions.\r<BR>\n" );
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document.write( "**Important Note:**\r<BR>\n" );
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document.write( "* Online APR calculators are also available and can provide a more precise calculation. You can input the amount financed, finance charge, and number of payments, and it will give you the APR.<BR>\n" );
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