Question

Verona goes to a business that offers tax refund anticipation loans because she really wants to get her money right now and
not wait They calculate her refund to be $985 and charge her $130 in fees for the loan. If the term on her loan is 15 days
what is the annual percentage rate on her loan?
a 130%
D 184%
317%
d321%

Answer 1

Answer:

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Step-by-step explanation:

Answer 2

The annual percentage rate on her loan is 321%.

Annual percentage rate

Using this formula

Annual percentage rate=(Fees/Refund)×(Numbers of days in a year/ Term of loan)

Let plug in the formula

Annual percentage rate=(130/985)×(365 days/15 days)

Annual percentage rate=0.1319797×24.333×100

Annual percentage rate=321%

Inconclusion the annual percentage rate on her loan is 321%.

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