Displays more information on the spreadsheet?
1 answer:
<em>When you ask a question like this, you have to include a picture of what you are talking about. I'll walk you through the process. When you first start asking a question there is an option for a little paperclip on the bottom of the question box. Click on that and then select the file (the photo is considered a file by the computer) then type in what the question is and simple hit ask question. Now it will post the picture along with your question.</em>
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<em>Hope this helps,</em>
<em>Miri</em>
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Answer:
Ans. c) The annual percentage rate of the loan is approximately 913%
Explanation:
Hi, well, she borrowed $75 and paid $90 ($75 + $15 fee) in 8 days. So we need to use the following formula to check what 8 days percentage rate was applied to this loan.
That is:
So she pays 20% for 8 days, to know the annual rate (approx.) we need to do the following operation.
That is 913% per year.
Best of luck.