Determine the annual percentage rate (APR) for a tax refund anticipation loan based on the following information. (Round to the nearest percent.)amount of loan = $985total fees paid = $135term of loan = 10 days

The fee is $135 on a $985 loan, so the fee rate for 10 days is $135 ÷ $985 ≈ 0.1371. Annualize that rate by multiplying by 365 ÷ 10: 0.1371 × 36.5 ≈ 5.00, or about 500%. The correct choice is 500%.

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