SOLUTION: A company borrowed $1500. It must make monthly payments of $40.50 for 42 months to pay off the loan. Use the constant ratio formula for APR to find the annual percentage rate.
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Question 149229: A company borrowed $1500. It must make monthly payments of $40.50 for 42 months to pay off the loan. Use the constant ratio formula for APR to find the annual percentage rate.
YIkes! Please help
Ellen Answer by mangopeeler07(462) (Show Source):
You can put this solution on YOUR website! loan=1500
Payment for year=12(payment for month)
{Payment for year/loan=annual percentage rate}
(