What is the APR on a loan with an effective annual rate of 15.01 percent and weekly compounding of interest?
A)12.00 percent
B)12.50 percent
C)13.00 percent
D)14.00 percent 1.1501 =

Question

Quizplus · Accepted Answer

The APR can be calculated using the formula for the effective annual rate (EAR) with weekly compounding. The EAR is given as 15.01%, and using the formula EAR = (1 + APR/n)^n - 1, where n is the number of compounding periods per year (52 for weekly), we can solve for APR. The closest APR to the calculated value is 14.00%.

What Is the APR on a Loan with an Effective