Suppose you borrow $18,000 from your bank to buy a car. You agree to pay $363.25

Question

Suppose you borrow $18,000 from your bank to buy a car.  You agree to pay $363.25 per month for 60 months.  What is the APR for the loan? Question 6 options: 7.8% 7.2% 8.6% 6.8% Suppose you borrow $18,000 from your bank to buy a car.  You agree to pay $363.25 per month for 60 months.  What is the APR for the loan? Suppose you borrow $18,000 from your bank to buy a car.  You agree to pay $363.25 per month for 60 months.  What is the APR for the loan? 7.8% 7.2% 8.6% 6.8% 7.8% 7.2% 8.6% 6.8% 7.8% 7.2% 8.6% 6.8%

Explanation / Answer

7.8%

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