Answered step by step
Verified Expert Solution
Question
1 Approved Answer
You are due a tax refund of $720. Your tax preparer offers you a no-interest loan to be paid by your refund check, which will
You are due a tax refund of $720. Your tax preparer offers you a no-interest loan to be paid by your refund check, which will arrive in three weeks.He charges a fee of $80 for this service. What actual interest rate will you pay for this loan? (Hint: The time period for this loan is not 3/52 because a 365-day year is 52 weeks and 1 day. So use days in your computations.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started