Question

Jimmie has the option of borrowing $840 for 1 week at an APR of 550% or
borrowing the $840 for 1 week with a fee of $90. Which is the "better" deal?

Answer 1

Answer: b. borrow $840 for 1 week at an APR 550%, since jimmie will owe less interest this way than with the fee of $90. APEX

Answer 2

The "better" deal is borrowing borrow $840 for 1 week at an APR of 550%

What is APR 550% mean?

The interest on the borrowing amount for one year on the credit card.

Jimmie has a borrowing APR is 550%

One month interest 5.50÷12

                                   ⇒0.4583

For one day =0.4583/30

                      =0.01527

for one week=0.01527*7

                        =0.107

APR for borrowing $840 for 1 week is charged on  purchased amount        =$840*0.107

=$89.8

Borrowing the $840 for 1 week with a fee of $90.

                                                                 

Learn more about APR here:-https://brainly.com/question/24703884

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