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The Hint says to use days in the computations (not weeks). InS 10aH? Hint: The time period of this loan is not 4/52, because a
The Hint says to use "days" in the computations (not weeks).
InS 10aH? Hint: The time period of this loan is not 4/52, because a 365-day year is 52 weeks and 1 day. So use days in your computations.) 52, Your cousin is due a tax refund of $400 in six weeks. His tax preparer has an arrangement with a bank to get him the $400 now. The bank charges an administrative fee of $29 plus interest at 6.5%. What is the actual interest rate for this loan? (See the hint for Exercise 51.)Step by Step Solution
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