asked 117k views
6 votes
Rico complained to his brother that he had to rollover a payday loan seven times before finally saving enough money to pay it off. In the end it cost him $450. What finance charge was Rico paying the payday lender every two weeks if he originally wanted to borrow $250?

asked
User Rickey S
by
7.4k points

1 Answer

1 vote

Answer:

He had to pay $28.57 seven times.

answered
User Anton Serdyuk
by
8.5k points
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