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Mrs. Berry purchased $4000 worth of furniture from a furniture store

Mrs. Berry purchased $4,000 worth of furniture from a furniture store. The purchase was financed by a consumer loan which required Mrs. Berry to pay a monthly payment of $150 at the end of each month for three years. What was the annual percentage rate (APR) of the consumer loan?

Question options:

 

(1)

2.12%

 

(2)

15.12%

 

(3)

20.66%

 

(4)

21.78%

 

(5)

26.46%

May 23 2018 View more View Less

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