Many tax preparation organizations will prepay customers tax refunds if they pay a one time...
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Many tax preparation organizations will prepay customers tax refunds if they pay a one time finance charge In essence the customer is borrowing the money the refund minus the finance charge from the tax preparer prepaying the interest as in a discount note and then repaying the loan with the tax refund This procedure allow customers access to their tax refund money without having to wait Joy had a tax refund of 742 77 due She was able to get her tax refund immediately by paying a finance charge of 40 36 What annual simple interest rate is paying for this loan assuming the following are true Assume 360 days in a year a The tax refund check would be available in 5 days b The tax refund check would be available in 10 days c The tax refund check would be available in 20 days a The annual simple interest rate is about Type an integer or decimal rounded to the nearest hundredth as needed
Many tax preparation organizations will prepay customers tax refunds if they pay a one time finance charge In essence the customer is borrowing the money the refund minus the finance charge from the tax preparer prepaying the interest as in a discount note and then repaying the loan with the tax refund This procedure allow customers access to their tax refund money without having to wait Joy had a tax refund of 742 77 due She was able to get her tax refund immediately by paying a finance charge of 40 36 What annual simple interest rate is paying for this loan assuming the following are true Assume 360 days in a year a The tax refund check would be available in 5 days b The tax refund check would be available in 10 days c The tax refund check would be available in 20 days a The annual simple interest rate is about Type an integer or decimal rounded to the nearest hundredth as needed
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