What is the APR on a loan that charges interest at the rate of 1.4 percent per month?
A)10.20 percent
B)14.00 percent
C)16.80 percent
D)18.16 percent

Name: What is the APR on a loan that charges interest at the rate of 1.4 percent per month? A)10.20 percent B)14.00 percent C)16.80 percent D)18.16 percent
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Question

Quizplus · Accepted Answer

To find the APR, we need to multiply the monthly interest rate by 12 (the number of months in a year). Therefore, APR = 1.4% x 12 = 16.8%. So, the correct answer is (C) 16.8 percent.

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