A loan shark charges 325 APR Round answer to 4 decimal of a

A loan shark charges 32.5% APR.

Round answer to 4 decimal of a percent.

What is this as a percent per day--------------------?

Solution

Let r = the percent per day.

Thus, as there are 365 days a year,

1 + 0.325 = (1+r)^365

1.325 = (1+r)^365

1.00077129 = 1 + r

r = 0.00077129 or 0.077129% [ANSWER]