Accion is a non-profit microlending organization which makes small loans to entrepreneurs who do not qualify for bank loans. A New York woman who sells clothes from a cart has the choice of a $1000 loan from Accion to be repaid by $1150 a year later and a $1000 loan from a loan shark with an annual interest rate of 22%, compounded annually. (a) What is the annual interest rate charged by Accion? (b) To pay off the loan shark for a years loan of $1000, how much would the woman have to pay? (c) Which loan is a better deal for the woman? Why?
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