Question

You have a tax refund of $360.80. You are able to get the tax refund immediately from your tax preparation agency for a finance charge of $34.01. What annual simple interest rate are you paying for this loan assuming the tax refund Check would be a avaliable in 20 days?

Answer 1

Interest = Principle x rate x time
34.01= 360.80 x rate x 20/365
Can you solve for rate?
Simplify 360.80 x 20/365 = a decimal answer
Divide 34.01 by that answer
Change to a percent..

Answer 2

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