The question is incomplete ; the fee which Timia would pay isn't given. And this is needed to compute the APR on the loan.
I would assume that the fee which Timia would pay as interest on the 1 - month loan is x
Answer:
r = x / 145.83333
Explanation:
If interest paid, I = x
Principal, P = $1750
And period (time) of loan = 1 month = (1/12) = 0.0833333
Rate = r
Using the simple interest formula :
Interest = Principal * rate * time
x = 1750 * r * 0.833333
Make r the subject :
x = 145.83333r
Divide both sides by 145.83333
Hence, the rate value , r becomes :
r = x / 145.83333
Therefore, the student can just input the appropriate, interest value in place of x and obtain the correct and exact answer (I do not want to use an hypothetical value for x) .