Mathematics, 18.03.2020 20:56 tonio638
You are expecting a tax refund of $5,000 in 5 weeks. A tax preparer offers you an "interest-free" loan of $5,000 for a fee of $50 to be repaid by your refund check when it arrives in 5 weeks. Thinking of the fee as interest, what weekly simple interest rate would you be paying on this loan? What is the corresponding annual rate?
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You are expecting a tax refund of $5,000 in 5 weeks. A tax preparer offers you an "interest-free" lo...
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