Saul Paid Off A Loan With A Simple Interest Rate Of 4.7% In 9 Months. What Was The Apr?

 To find the Annual Percentage Rate (APR), we need to convert the simple interest rate to an APR.

The formula to convert from a simple interest rate to an APR is:

$𝐴𝑃𝑅=\left(\frac{100\times \text{Simple Interest Rate}}{\text{Principal}}\right)\times \text{Number of Periods in a Year}$

Given:

• Simple Interest Rate = 4.7%
• Number of Periods in a Year = 12 months

Let's calculate:

$𝐴𝑃𝑅=\left(\frac{100\times 4.7}{100}\right)\times \frac{12}{9}$

$𝐴𝑃𝑅=(4.7)\times \frac{12}{9}$

$𝐴𝑃𝑅=6.27$

So, the Annual Percentage Rate (APR) for Saul's loan is approximately 6.27%.