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Kimberly took out a payday loan for $1500 due in 4 weeks that charged a $135 fee. What is the periodic interest rate of the loan

Kimberly took out a payday loan for $1500 due in 4 weeks that charged a $135 fee. What is the periodic interest rate of the loan
asked 229k views
3 votes
Kimberly took out a payday loan for $1500 due in 4 weeks that charged a $135 fee. What is the periodic interest rate of the loan

asked
User Chris Stratton
by
8.0k points

1 Answer

1 vote

Explanation:

135 ÷ 1500 = 0.09 = 9%

answered
User Llk
by
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