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What is the effective annual interest rate

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Reference no: EM131971654

Problem

The RippUOff company offers a tax refund loan that charges Sam $55 for a refund loan of $550. The tax return is filed electronically and the refund to repay the loan is received in 2 weeks.

a) What nominal annual interest rate is being charged, assuming 52 weeks per year?
b) What is the effective annual interest rate?
c) What would be the effective annual rate if interest is 12% nominal annual interest, compounded continuously?

Reference no: EM131971654

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