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Please show calculations Sarcosuchus Corporation offers very short-term loans to applicants with low credit ratings. They charge an interest rate of 0.03333 percent per hour.
Please show calculations
Sarcosuchus Corporation offers very short-term loans to applicants with low credit ratings. They charge an interest rate of 0.03333 percent per hour. a. If you borrow $100 from Sarcosuchus, how much will you owe in one week? b. If you borrow $100 from Sarcosuchus, how much will you owe in one month (30 days)? c. What annual rate is Sarcosuchus charging? Hint: Convert the simple hourly rate of 0.03333 percent into simple annual rateStep by Step Solution
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