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28 June, 12:39

A payday loan company charges 5.2 percent interest for a two-week period. what would be the annual interest rate from that company? assume an even 52 weeks per year.

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  1. 28 June, 13:09
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    The annual interest rate would be found by taking the two-week interest rate (0.052) and multiplying it by the number of interest periods in the year (in this case, 52/2, or 26). Multiplying 26 by 0.052 gives 1.352, or an interest rate of 135.2% per year.
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