Ask Question
16 February, 03:54

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

+4
Answers (2)
  1. 16 February, 05:43
    0
    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!
  2. 16 February, 07:42
    0
    413% is the right answer I just had this on my test last week
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “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 ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers