AnswersFowU - Financial Math - BUsing Graphs to Advertise — Cumulative examQuestion 10
10
RCMultiple Choice

Using Graphs to Advertise — Cumulative exam

Question 10 • FowU - Financial Math - B

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?

Answer
A
130%
B
184%
C
317%
D
321%

Explanation

The annual percentage rate is the fee divided by the loan amount, annualized for a 15-day term. Calculate (130 ÷ 985) × (365 ÷ 15) × 100 ≈ 321%. The correct choice is 321%.

AI-written and checked against the verified answer.

Previous
Next

More from this Course

Quiz
26 verified answers

Using Graphs to Advertise

Quiz
49 verified answers

Topic Test

Quiz
124 verified answers

Cumulative Exam