Hello- Can you please help me with the equation needed to solve the following problem? I'm not sure what I need to do to solve for the following:

Fred, the accountant for XYZ Company forgot to pay a credit card

payment that was due in the amount of $575. He noticed it

exactly 1 month later when he was making the monthly payment.

The late fee charged as $35.

1If you consider the $35 late fee a

charge for the month of interest on the $575, what APR did the

company pay because of Fred's mistake?

2.

What would the Eective Annual Rate paid by the company based

on th $35 late fee