Atlas Tire Irons, Inc. is considering borrowing $5000 for a 90-day period. The firm will repay the $5000 principle amount plus $150 in interest. What is the effective annual rate of interest? Use a 360-day year.
a. 7%
b. 12%
c. 15%
d. 25%
Atlas Tire Irons, Inc. is considering borrowing $5000 for a