Answer:
33.459%
Explanation:
$2736 is in the range $2001-$5000.
For a refund application loan (RAL) in the range $2001-$5000.
• The applicable fee is $89.
,
• This loan is payable in 35 days.
Let x be the interest for a year (360 days).
Then we have:
[tex]\begin{gathered} \frac{360}{35}=\frac{x}{89} \\ Multiply\text{ both sides by 89} \\ x=\frac{360}{35}\times89 \\ x=915.43 \end{gathered}[/tex]
Let the annual interest rate = y.
[tex]\begin{gathered} y\%\text{ of 2736=915.43} \\ \frac{y}{100}\times2736=915.43 \\ y\times\frac{2736}{100}=915.43 \\ y=915.43\times\frac{100}{2736} \\ y=33.459\% \end{gathered}[/tex]
The annual interest rate paid for this loan is 33.459%.
