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Jordan is taking out a two week payday loan for $600. He will be charged $95 interest for the two week loan. What is the APR for this loan

Respuesta :

DeanR

Pretty usurious.

The effective interest over two weeks is

95/600 × 100% = 15.83%

Annualized that's

15.83% × 365/14 = 412.7%

Answer: APR is 412.7%

Yikes!
413% is the right answer I just had this on my test last week

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