What is the actual interest rate for this
Your cousin is due a tax refund of $400 in six-weeks. His tax preparer has an arrangement with a bank to get him the $400 now. The bank charges an administrative fee of $29 plus interest at 6.5%. What is the actual interest rate for this loan?
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your cousin is due a tax refund of 400 in six-weeks his tax preparer has an arrangement with a bank to get him the 400
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