Calculate APR from Aunt's Loan

20 Apr 2024

What is the APR if your aunt loaned you money at 1.00 percent interest per month?

Choose one:

A. 1.00%
B. 12.00%
C. 10.00%
D. 5.00%

Answer:

The correct answer is B. 12.00%

Calculating the Annual Percentage Rate (APR) from your aunt's loan involves converting the monthly interest rate to an annual rate.

To find the APR, we multiply the monthly interest rate by 12. In this case, the monthly interest rate is 1.00 percent, so the APR is 1.00% * 12 = 12.00%.

Therefore, the APR of this loan is 12.00%.

By converting the monthly interest rate to an annual rate, we can determine the APR of the loan accurately.

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What is the APR if your aunt loaned you money at 1.00 percent interest per month?

Answer:

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