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24-06-2019
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A payday loan store charges $25 for a one-month loan of $500. What annual interest rate is this equivalent to?

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rachelnugent2003 rachelnugent2003

24-06-2019

The annual percentage interest rate (APR) for payday loans is calculated by dividing the amount of interest paid by the amount borrowed; multiplying that by 365; divide that number by the length of repayment term; and multiply by 100.

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