Edmond
Edmond Santos borrowed USD 20,000 for 18 months at 6 1/2 % per year. Find the APR (Annual Percentage Rate) if he repaid the loan monthly. The answer is:
Note: APR is expressed as a percentage representing the actual yearly cost of funds over a loan term.
Note: APR is expressed as a percentage representing the actual yearly cost of funds over a loan term.
Correct answer:
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Dr Math
One payment calculation:
https://www.hackmath.net/en/calculator/loan-mortgage?balance=20000&interestRate=6.5&months=18&period=months&submit=V
https://www.hackmath.net/en/calculator/loan-mortgage?balance=20000&interestRate=6.5&months=18&period=months&submit=V
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