Alan Cohl obtained an installment loan for $3,560. His finance charge is $308.56, and he will make 18 monthly payments. What is the APR?

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Alan Cohl obtained an installment loan for $3,560. His finance charge is $308.56, and he will make 18 monthly payments. What is the APR?

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Soniaagarwal09id Soniaagarwal09id · Answer 1

Soniaagarwal09id Soniaagarwal09id

Annual percentage rate = monthly rate * 12
total interest = 308.56*18-3560 = 1994.08
monthly interest = 1994.08/12 = 166.173
monthly rate = 166.173/3560 =4.7%
APR = 4.7*12 = 56.01%

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