Multiple Choice
Solve the problem. Use the approximate APR formula to estimate the APR, and round rates to the nearest tenth of a percent.
-Eddie Hodges buys a complete stereo with CD for $980, paying it off at $46.19 per month for 2 years. What is the approximate APR of the loan?
A) 12.6%
B) 13.1%
C) 11.4%
D) 12.1%
Correct Answer:
Verified
Correct Answer:
Verified
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