# of Monthly Payments
Annual Percentage Rate (APR)
11%
12%
13%
14%
15%
16%
17%
18%
19%
11
5.58
6.10
6.62
7.14
7.66
8.18
8.70
9.22
9.49
12
6.06
6.62
7.18
7.74
8.31
8.88
9.45
10.02
10.59

Above is a table that gives the interest per every $100 financed. Use the table to determine the annual percentage rate for a 11 month loan that charges $6.62 per every $100 financed.
a.
13%
c.
15%
b.
14%
d.
16%


Please select the best answer from the choices provided

A
B
C
D



Answer :

Answer:

  A. 13%

Step-by-step explanation:

You want the APR corresponding to a payment of 6.62 per hundred on an 11-month loan.

Table

In the column for an 11-month loan, the payment of 6.62 shows up on line 3. The APR on line 3 is 13%.

The APR for an 11-month loan that charges $6.62 per hundred is 13%, choice A.

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