What is the actual apr that you are paying

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Reference no: EM131505915

Question: To purchase a used automobile, you borrow $10,000 from Loan Shark Enterprises. They tell you the interest rate is 1% per month for 35 months. They also charge you $200 for a credit investigation, so you leave with $9,800 in your pocket. The monthly payment they calculated for you is $10,000 (0.1) (35) + $10,000 = $385.71/month
35

If you agree to these terms and sign their contract, what is the actual APR (annual percentage rate) that you are paying?

Reference no: EM131505915

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