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MathematicsMathematics
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

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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
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