Given the following information I need to know how they determine the APR.
An individual takes out a $260.00 loan with a $100.00 finance charge which includes interest. The loan term is six months with six payments of $60.00 for a total of $360.00. The stated APR is 122.07%, how did they arrive at this number given the above information. Thankful for any help you can provide.
An individual takes out a $260.00 loan with a $100.00 finance charge which includes interest. The loan term is six months with six payments of $60.00 for a total of $360.00. The stated APR is 122.07%, how did they arrive at this number given the above information. Thankful for any help you can provide.