The table shows the fees for refund anticipation loans (RALs) offered by an online tax preparation firm.
Question:
The table shows the fees for refund anticipation loans (RALs) offered by an online tax preparation firm. Find the annual rate of interest for each of the following loans. Assume a 360-day year.
(A) A $400 RAL paid back in 15 days
(B) A $1,800 RAL paid back in 21 days
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A P 400 t I 2900 I 29 Pt 400 350 The ...View the full answer
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Related Book For 
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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