Many tax preparation organizations will prepay customers tax refunds if they pay a one time finance charge In essence the

Question

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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