What simple interest rate would be paying on loan


You are anticipating the tax refund of $5,000 in 10 weeks. The tax preparer offers you the "interest-free" loan of $5,000 for the fee of $50 to be repaid by the refund check when it arrives in 10 weeks. Thinking of fee as interest, what simple interest rate would you be paying on loan?

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Mathematics: What simple interest rate would be paying on loan
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