What is the corresponding annual rate

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Reference no: EM132001303

Compute the specified quantity.

You are expecting a tax refund of $5,000 in 10 weeks. A tax preparer offers you an "interest-free" loan of $5,000 for a fee of $50 to be repaid by your refund check when it arrives in 10 weeks. Thinking of the fee as interest, what weekly simple interest rate would you be paying on this loan? What is the corresponding annual rate?

weekly simple interest rate= %

annual simple interest rate= %

Reference no: EM132001303

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