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Compute the specified quantity. You are expecting a tax refund of $4,000 in 5 weeks. A tax preparer offers you an interest-free loan of $4,000
Compute the specified quantity. You are expecting a tax refund of $4,000 in 5 weeks. A tax preparer offers you an "interest-free" loan of $4,000 for a fee of $50 to be repaid by your refund check when it arrives in5 weeks. Thinking of the fee as interest, what simple interest rate would you be paying on this loan? HINT [See Example 6.] (Round your answer to three decimal places.)
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