Find APR (rounded to the nearest tenth of a percent) for the loan. Purchase a living room set for $3,600 at 8% add-on interest for 3 years.

The APR for the loan 15.6%

Step-by-step explanation:

From the given information:

The annual percentage can be calculated by using the formula:

where;

N = number of payments = 3 years = 12 × 3 = 36 months

r = add-on interest rate = 8% = 0.08

Replacing our value to calculate the APR, we get:

APR = 0.155675

APR ≅ 15.6%

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