Melissa is going to buy some furniture with a single payment. She'll receive a loan for...
Melissa is going to buy some furniture with a single payment. She'll receive a loan for $5,280 to buy the furniture and will pay the loan back with a single payment of $6,000 in 1 year. Calculate the APR on this loan
Homework Answers
APR of loan is calculated using the excel formula RATE:
=RATE(1,,-5280,6000)
=13.6364%
Or,
1 - (6000/5280)
=13.6364%
Add Answer to:
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