Annual Percentage Rate (APR). Wayne Snyder is considering taking out a 2-year, 4 percent, single-payment discount loan for 3,500. He’s heard that the APR for discount loans is greater than the stated...

Annual Percentage Rate (APR). Wayne Snyder is considering taking out a 2-year, 4 percent, single-payment discount loan for
3,500. He’s heard that the APR for discount loans is greater than the stated rate and wants to confirm exactly how much higher it is before considering an otherwise comparable simple interest loan.