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Elisa took out payday loan for $500 due in 2 weeks that charged an $80 fee. What is the periodic interest rate of the loan?

Elisa took out payday loan for $500 due in 2 weeks that charged an $80 fee. What is the periodic interest rate of the loan?
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5 votes
Elisa took out payday loan for $500 due in 2 weeks that charged an $80 fee. What is the periodic interest rate of the loan?

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User Davehayden
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8.0k points

2 Answers

6 votes
what are the options
answered
User Okken
by
8.4k points
2 votes
c. 16% answer for Apex
answered
User Tony Stark
by
8.5k points
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