Answered: Dave borrowed $700 on January 1, 2022.…

Dave borrowed $700 on January 1, 2022. The bank charged him a $9.00 service charge, and interest was $49.10. If Dave paid the $700 in 12 equal monthly payments, what was the APR?

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Dave borrowed $700 on January 1, 2022. The bank charged him a $9.00 service charge, and interest was $49.10. If Dave paid the $700 in 12 equal monthly payments, what was the APR?

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