Joshua borrowed $1,400 for one year and paid $70 in interest. Thebank charged him a service charge of $12. If Joshua repaid the loanin 12 equal monthly payments, what is the APR? (Enter your answeras a percent rounded to 1 decimal place.)APR

Principal Amount = p = $1400Interest = i = $70Service Charges = sc = $12Number of Payment = n = 12

Answered: Joshua borrowed $1,400 for one year and…

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

Section: Chapter Questions

Problem 1PS

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Joshua borrowed $1,400 for one year and paid $70 in interest. The bank charged him a service charge of $12. If Joshua repaid the loan in 12 equal monthly payments, what is the APR? (Enter your answer as a percent rounded to 1 decimal place.) APR