Question

If an 18-day single payment loan has a periodic interest rate of 9.6%, what is the approximate APR of the loan? Show your work.

Answer 1

Apr = i = I/P
in which
i is the APR
I is the dollar amount of interest paid, and
P is the amount borrowed

Answer 2

^interest rate sorry

Answer 3

i = 2 x n x I / P(N + 1)
in which
i is the APR
n is the number of payment periods in one year
I is the total financing charges (mostly interest)
P is the principal (the amount borrowed), and
N is the number of scheduled payments

Answer 4

^Apr

Answer 5

does this help at all?

Answer 6

Ya.

Answer 7

ok

Answer 8

im new