7. Assume you wish to borrow $500 for two weeks and the amount of interest you must pay is 520 per $100 borrowed. What is the APR at which you are borrowing money? Round your answer to the nearest hundredth.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
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Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.57TI: What is the total effect on the economy of a government tax rebate of $1,000 to each household in...
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7. Assume you wish to borrow $500 for two weeks and the amount of interest you must pay is 520
per $100 borrowed. What is the APR at which you are borrowing money? Round your answer to
the nearest hundredth.
Transcribed Image Text:7. Assume you wish to borrow $500 for two weeks and the amount of interest you must pay is 520 per $100 borrowed. What is the APR at which you are borrowing money? Round your answer to the nearest hundredth.
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