Question: Julie has a low credit rating, plus she was furloughed from her job 2 months ago. She has a new job starting next week

Julie has a low credit rating, plus she was furloughed from her

Julie has a low credit rating, plus she was furloughed from her job 2 months ago. She has a new job starting next week and expects a salary to start again in a couple of weeks. Since she is a little short on money to pay her rent, she decided to borrow $145 from a loan company, which will charge her only $10 interest if the $155 is paid no more than 1 week after the loan is made. NOTE: This is a multi-part question. Once an answer is submitted, you will be unable tb return to this part. What is the effective annual interest rate that she will pay on this loan? The effective annual interest rate that she would pay is % per year.

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