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Nora bought some jewelry for $214. She paid a finance charge of $35 and paid for it over eight months. Use the formula to find the approximate APR.

approximate APR=(Finance Charge/# of Months)(12)
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Amount FInanced

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Answer:

24.5%

Step-by-step explanation:

The annual percentage rate is 24.6%.

What is APR?

Annual percentage rate (APR) refers to the yearly interest generated by a sum that's charged to borrowers or paid to investors.

According to the question.

Money paid for jewelry = $214

Finance charge = $35

Finance charge paid for 8 months, time period = [tex]\frac{8}{12}[/tex] years

Therefore, the annual percentage rate is given by

[tex]APR = \frac{(35)(100)}{(214)(\frac{8}{12} )}[/tex]

⇒[tex]APR = \frac{35(100)}{(17.8)(8)}[/tex]

⇒[tex]APR = \frac{3500}{142.4}[/tex]

⇒[tex]APR = 24.57[/tex]%

⇒ APR = 24.6%

Therefore, the annual percentage rate is 24.6%.

Find out more information about annual percentage rate here:

https://brainly.com/question/14184570

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