On february 1 2013 mr smith purchased 1000 worth of, Financial Management

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On february 1 2013 mr smith purchased 1000 worth of

On February 1, 2013, Mr. Smith purchased $1,000 worth of furniture from a furniture store. The purchase was financed by a consumer loan which required Mr. Smith to pay a monthly payment of $37.78 at the end of each month for three years. What was the annual percentage rate (APR) of the consumer loan?

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Financial Management: On february 1 2013 mr smith purchased 1000 worth of

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