You have just taken out a $2,650 loan from your local bank. you paid off the loan in 1 year by making 12 monthly payments with a total interest charge of $300.00. determine, from the information given, the annual percentage rate (apr). round your answer to the nearest hundredth of a percent. a. 7.91% c. 20.25% b. 79.1% d. 2.09%

The annual percentage rate (APR) is 20.25%.

Step-by-step explanation:

Consider the provided information.

The Principal amount is $2650, and the interest is $300

The total amount paid = $2650 + $300 = $2950

It is given that the loan paid off in 1 year by making 12 monthly payments.

Therefore the monthly payment is:

Formula of monthly payment:

Substitute principal amount = $2650 and monthly payment = 245.833 in above formula and solve for i.

Thus, the annual percentage rate (APR) is 20.25%.

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