Problemjoshua borrowed 700 on january 1 2012 and paid 35 in, Ask an Expert

Accounting

Problem:

Joshua borrowed $700 on January 1, 2012, and paid $35 in interest. The bank charged him a(n) $10 service charge. He paid it all back at once on December 31, 2012.

Required:

Question: What was the APR?

Note: Please show how to work it out.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91168711

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