Aloan for $1,200 has an annual interest rate of 5.2%. there is a $15 processing fee to receive the loan. the loan’s apr is .

A loan for $1,200 has an annual interest rate of 5.2%. There is a $15 processing fee to receive the loan. The loan’s APR is 5.2%

Solution:

Since full form of APR is Annual Percentage Rate and it is defined as rate of interest for whole year which means it is same as annual interest rate. Also processing fee is totally different component.

So APR = annual interest rate eqn 1

Given that a loan of $1200 has an annual interest rate of 5.2% .

So by using eqn 1 we can say APR = annual interest rate = 5.2%

Hence APR for a loan of $1200 is 5.2%

step-by-step explanation:

the original amount doesn't ''re just looking for the time it takes for 1/2 of the substance to we have

(1/2) =)     take the ln   of both sides

ln (1/2)   = )   and we can write

ln(1/2) = ) lne     and lne   = 1     so we have

ln(1/2) = -.1092t     divide both sides by -.1092

t = ln(1/2)/-.1092 = about 6.347 days = about 6.3 days (rounded)