Question

I just need help figuring out this question % I am stuck!

Answer 1

33.459%

Explanation:

$2736 is in the range $2001-$5000.

For a refund application loan (RAL) in the range $2001-$5000.

• The applicable fee is $89.

,

• This loan is payable in 35 days.

Let x be the interest for a year (360 days).

Then we have:

`\begin{gathered} (360)/(35)=(x)/(89) \\ Multiply\text{ both sides by 89} \\ x=(360)/(35)*89 \\ x=915.43 \end{gathered}`

Let the annual interest rate = y.

`\begin{gathered} y\%\text{ of 2736=915.43} \\ (y)/(100)*2736=915.43 \\ y*(2736)/(100)=915.43 \\ y=915.43*(100)/(2736) \\ y=33.459\% \end{gathered}`

The annual interest rate paid for this loan is 33.459%.