QUESTION 1Marina had an accident with her car and the repair bill came to $900. She didn't have any emergency fund money and no extra money in hermonthly budget, so she ended up borrowing from a pay-day loan company. As long as she can pay the loan back at the end of the 30 day periodshe won't be charged any interest, technically. However, she did have to pay an $17 processing fee per $100 that she borrowed.If she were to consider the processing fee to represent interest paid in her formula, what would she discover to be the annual interest rate she wascharged on her short term loan?

Answered: Image /qna-images/answer/5e1e8b78-6a53-402b-a243-dcec429bad7c.jpg

Answered: QUESTION 1 Marina had an accident with…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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