Answered

Penny paid off a loan with a simple interest rate of 11.2% in 6 months. What was the APR?
11.2%
9.6%
22.4%
19.2%
5.6%

Answer :

He gets paid 1266% that’s the answe

Answer: 19.2%

Step-by-step explanation:

APR= (2(n)(r))/(n+1)

APR= 2(6)(0.112)/(6+1)

APR= 19.2

n= number of monthly payments (6)

r= the rate (11.2% or 0.112)

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