Multiple Choice
Solve the problem. Use the approximate APR formula to estimate the APR, and round rates to the nearest tenth of a percent.
-To help plow driveways, Joe Burk purchased a small tractor with a snowplow for $1800. He agreed to pay $90.44 per month for 22 months when he charged it. What is the approximate annual percentage rate?
A) 11.5%
B) 12.0%
C) 11.0%
D) 10.5%
Correct Answer:
Verified
Correct Answer:
Verified
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