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27 July, 06:14

If a 24-day single payment loan has a periodic interest rate of 8.4% what is the approximate APR of the loan?

A. 201.6%

B. 127.8%

C. 12.8%

D. 20.2%

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Answers (1)
  1. 27 July, 08:49
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    365 days by 24 = 15.20833 periods multiplied by 8.4 % = 127.8%
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