Determine the annual percentage rate (apr) for a tax refund anticipation loan based on the following information. (round to the nearest percent.)
amount of loan = $985
total fees paid = $135
term of loan = 10 days
a.
50%
b.
137%
c.
266%
d.
500%

The correct answer is D. 500%

Step-by-step explanation:

Amount of Loan = $985

Total fees paid = $135

Term of loan = 10 days

= 0.137 × 365

=  50.03

= 5.003 × 100

= 500%

Hence, The correct answer is D. 500%

for ex: the reciprocal of 3/4 is 4/3. it is the opposite.

reciprocal definition:

a mathematical expression or function so related to another that their product is one; the quantity obtained by dividing the number one by a given quantity.

is it 35

step-by-step explanation: