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Marina had an accident with her car and the repair bill came to $900. She didn't have any emergency fund money and no extra money in her monthly budget, so she ended up borrowing from a pay-day loan company. As

Marina had an accident with her car and the repair bill came to $900. She didn't have any emergency fund money and no extra money in her monthly budget, so she ended up borrowing from a pay-day loan company. As long as she can pay the loan back at the end of the 30 day period she won't be charged any interest, technically. However, she did have to pay a $19 processing fee per $100 that she borrowed.
If she were to consider the processing fee to represent interest paid in her formula, what would she discover to be the annual interest rate she was charged on her short-term loan?

  • Expert Answer

Solution Amount Borrowed 900 Total View the full answer


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Analyzing Data and Making Decisions Statistics for Business Microsoft Excel 2010 Updated

Analyzing Data and Making Decisions Statistics for Business Microsoft Excel 2010 Updated

ISBN: 978-0132924962

2nd edition

Authors: Judith Skuce

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Posted Date: January 21, 2022 16:40:15
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