Answer:
.7
Step-by-step explanation:
I'm going to assume that there will just be one final payment at the end. I am also going to discard the fact that the loan was approved for 36 weeks becuase I don't know what to do with that information
I will be using the following formula
[tex]FV=PV(1+i)^n[/tex]
Plugging in the numbers we get
7388=7000(1+.08)^n
We we divide by 7,000 and simplify what we can to get
1.0554=1.08^n
We then write the following log
log(1.0554)/log(1.08)=n
Compute this and get n= .7
