Miguel takes a car loan for $16,000. The loan is for 60 months and has an interest rate of 4%. There are an additional $1,000 of fees. What is the APR for this loan? 6.25% O6.4% O 8.6% O 10.25%

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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San Felipe Del RIO CISD-TIS
JALYN GARCIA
Odysseyware
LEARN
MESSAGE
HELP
SIGN OUT
Assignment - 3. Automobile Loens
Attempt 1 of 1
ASSIGNMENTS
COURSES
SECTION 2 OF 4
QUESTION 2 OF 6
《く
11
4 5 6
3
> »
Miguel takes a car loan for $16,000. The loan is for 60 months and has an interest rate of 4%. There are an additional
$1,000 of fees. What is the APR for this loan?
O 6.25%
O 6.4%
O 8.6%
O 10.25%
NEXT QUESTION
O ASK FOR HELP
TURN IT IN
P Type here to search
11:20 PM
G 10 ENG
2/6/2021
G
C
2N
M
中 o
Transcribed Image Text:Odysseyware Ô https://sfdr.owschools.com/ows00/studentAssignment/index?eh=65534412 San Felipe Del RIO CISD-TIS JALYN GARCIA Odysseyware LEARN MESSAGE HELP SIGN OUT Assignment - 3. Automobile Loens Attempt 1 of 1 ASSIGNMENTS COURSES SECTION 2 OF 4 QUESTION 2 OF 6 《く 11 4 5 6 3 > » Miguel takes a car loan for $16,000. The loan is for 60 months and has an interest rate of 4%. There are an additional $1,000 of fees. What is the APR for this loan? O 6.25% O 6.4% O 8.6% O 10.25% NEXT QUESTION O ASK FOR HELP TURN IT IN P Type here to search 11:20 PM G 10 ENG 2/6/2021 G C 2N M 中 o
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