# of Monthly PaymentsAnnual Percentage Rate (APR) 11%12%13%14%15%16%17%18%19%115.586.106.627.147.668.188.709.229.49126.066.627.187.748.318.889.4510.0210.59Above is a table that gives the interest per every $100 financed. Use the table to determine the annual percentage rate for a 12 month loan that charges $8.31 per every $100 financed.
Find the row for 12 monthly payments, then compare the charge per $100 financed with the amounts in that row. The table lists $8.31 under a 15% APR, so the correct choice is 15%.
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