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Al's obtained a discount loan of $78,500 today that requires a repayment of $98,000, 3 years from today. What is the APR

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Answer:

R = 8.2803%

Rounded: 8%

Explanation:

Solving our equation:

r = (1/3)(98000/78500) - 1) = 0.08280255

r = 0.08280255

Converting r (decimal) to R a percentage

R = 0.08280255 * 100

= 8.2803%

Hope this helped! :D

healeymafaley
R= 1/3 open bracket ( 98000/98500) -1)
R=0.8280255
0.8280255 x 100

=8.82803%