(e) In return for a loan of £500, a loan shark charges £1 per day payable when the loan is paid back. What is the APR if you pay back the loan and fees after 155 days?

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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(e) In return for a loan of £500, a loan shark charges £1 per day payable when the
loan is paid back. What is the APR if you pay back the loan and fees after 155
days?
Transcribed Image Text:(e) In return for a loan of £500, a loan shark charges £1 per day payable when the loan is paid back. What is the APR if you pay back the loan and fees after 155 days?
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