1. Belinda needs $2400 fast. She has the option of borrowing the $2400 for 5 days at an APR of 500% or borrowing the $2400 for 5 days with a fee of $180. She realizes that neither scenario is very good,
but she wants to choose the option that is best for her. Help Belinda decide which is the "better" deal.
(5 points: Part 1-1 point, Part II - 1 point; Part III 1 point; Part IV - 7 point; Part V- 1 point)
Part I: What is the length of the period of the $2400 loan for 5 days for a fee of $180?