Register

Sidney took out a payday loan of $1200 that charged an $85 fee. If the loan matures in 2 weeks, what is the appropriate effective interest rate of the loan?

Sidney took out a payday loan of $1200 that charged an $85 fee. If the loan matures in 2 weeks, what is the appropriate effective interest rate of the loan?
asked 53.7k views
2 votes
Sidney took out a payday loan of $1200 that charged an $85 fee. If the loan matures in 2 weeks, what is the appropriate effective interest rate of the loan?

asked
User Praveen Srinivasan
by
8.1k points

2 Answers

2 votes

Answer:

493%

Explanation:

answered
User Lotus
by
8.9k points
3 votes

Answer:

the asnwer is 493%, i know because i just took the test and i got it right. Hope this helps!

Explanation:

answered
User PangabiMC
by
8.2k points
← Prev Question Next Question →

Related questions

User Tams
asked Sep 14, 2019 77.0k views
What is the APR of a payday loan for $1200 due in 5 days that charges a $60 fee?
Tams asked Sep 14, 2019
by Tams
8.5k points
1 answer
5 votes
77.0k views
Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!