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What actual interest rate will you pay for this loan

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Reference no: EM131760867

You are due a tax refund of $760. your tax preparer offers you a no interest loan to be repaid by your refund check which will arrive in four weeks. she charges a $60 fee for this service. What actual interest rate will you pay for this loan? (hint: the time period of this loan is not 4/52 because a 365 day year is 52 weeks and 1 day. so use days in your computations)

I did I=PrT

60=760r(28/365) and got r = 1.029 but I feel like an interest rate can't be over 100%?

Reference no: EM131760867

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