Use an annual percentage rate table to solve the problem.
-In order to purchase a residential homesite, a man borrows $45,000 from his father. The son pays His father back by making 60 monthly payments of $891.08. Determine the APR of the loan to the Nearest one-half of a percent.
A) 8.5%
B) 7.0%
C) 7.5%
D) 9.0%

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The Answer of Use an annual percentage rate table to solve the problem.
-In order to purchase a residential homesite, a man borrows $45,000 from his father. The son pays His father back by making 60 monthly payments of $891.08. Determine the APR of the loan to the Nearest one-half of a percent.
A) 8.5%
B) 7.0%
C) 7.5%
D) 9.0%

Use an Annual Percentage Rate Table to Solve the Problem