Answered

Get the answers you need at Westonci.ca, where our expert community is dedicated to providing you with accurate information. Connect with professionals ready to provide precise answers to your questions on our comprehensive Q&A platform. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

Saul paid off a loan with a simple interest rate of 4.7% in 9 months. What was the APR?
6.4%
8.5%
3.5%
6.3%
4.7%

Sagot :

Using proportions, it is found that the APR was of 6.3%.

What is a proportion?

A proportion is a fraction of a total amount, and the measures are related using a rule of three.

In this problem, 4.7% was paid in interest in 9 months. The APR is the amount that would be paid in a year, that is, 12 months.

Hence, the rule of three is:

9 months - 4.7%

12 months - x%

Applying cross multiplication:

[tex]9x = 12(4.7)[/tex]

[tex]x = \frac{12 \times 4.7}{9}[/tex]

[tex]x = 6.3[/tex]

The APR was of 6.3%.

More can be learned about proportions at https://brainly.com/question/24372153

Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.