Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller

Exercise 163

APPLE, INC.
www.apple.com
Facts:
• 1976: Founded
• 1984: Introduced Macintosh
• 2001: Introduced iPod
• 2003: Opened iTunes Music Store
• 2007: Introduced iPhone
• 2010: Introduced iPad

After opening her own computer and web-design business, Jessica Hernandez checked into selling Apple's popular iPhones. But she was not able to sell them since Apple allowed only a few large companies to sell them. So, Hernandez focused on computer training classes as she built her reputation designing Web pages for small firms. She knew that she needed to borrow some money as her business grew and wondered how to go about it.
Find the effective interest rate for both loans to the nearest hundredth of a percent. _____________