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Douglas
Lv 4
Douglas asked in Science & MathematicsMathematics · 10 years ago

Help with a math question regarding APR?

I am having the hardest time trying to solve this.

Terry buys a new TV for $450 with 0 down, with 39.56/month payments over a year. What is the APR?

1 Answer

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  • Elizabeth M
    Lv 7
    10 years ago
    Favorite Answer

    Total payments = 39.56X12=474.72

    Interest =474.72-450=24.72

    APR=(24.72/450)X100=5.49% (3 figures)

    Not bad for these days

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