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Using a calculator and the formula above, calculate the APR. Choose the correct answer.

Betty Buyer has a short-term note at [tex]16\%[/tex] interest per year.

To the nearest tenth, APR = [tex]$\square\%$[/tex].

Sagot :

GinnyAnswer
First, let's clearly understand the information given in the problem.

Betty Buyer has a short-term note with an interest rate of 16% per year. We need to calculate the Annual Percentage Rate (APR) and round it to the nearest tenth.

Here's the step-by-step procedure:

1. Identify the given annual interest rate: The problem states that the interest rate is 16% per year.

2. Calculate the APR: As the interest rate is given per year, the Annual Percentage Rate (APR) is the same as the given interest rate, which is 16%.

3. Round the APR to the nearest tenth: The value 16 is already a whole number, and when rounded to the nearest tenth, it remains 16.0%

Therefore, the APR to the nearest tenth is 16.0%.

So, the correct answer is
[tex]\[ \boxed{16.0} \% \][/tex]
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