The wet dog surf company borrows $32,000 for 4 months and will pay $1,120.00 interest . calculate wet dog's annual percentage interest rate (apr) (rounded to two decimal places).
The formula is I=prt I interest paid 1120 p principle 32000 T time 4/12 R annual percentage interest rate? Solve for r R=I÷pt R=1,120÷(32,000×(4÷12)) R=0.105×100 R=10.5%
