What is the actual annual percentage interest rate

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Question - Captain Beef heart of Fast and Bulbous Porsche offers you the following special 10% deal on a new Cayenne Turbo SUV. To the $100,000 list price (loaded) he adds 10% (or $10,000) and his total ($110,000) is to be paid off in 12 equal monthly payments of $110,000/12 = $9,617. What is the actual annual Percentage Interest Rate (APR)? Note that the APR is simply 12x (monthly interest rate).

Reference no: EM132184156

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