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1 year ago

Rosalinda got a payday loan for $2000, due in 2 weeks, and she paid a $150

Business

1 answer:

maxonik [38]1 year ago

5 0

Rosalinda's annual percentage rate (APR) on the loan is 195%.

<h3>What is the annual percentage rate?</h3>

The annual percentage rate represents the finance fee and interest paid for borrowing.

The annual percentage rate (APR) for a period of 1 year an be computed by the following simple interest formula:

(Interest + Fee ÷ Principal) ÷ Period

We can multiply the result above by 100 to express it as a percentage.

Assuming that the periodic interest rate is known, we multiply the number of periods in the year to compute the annual percentage rate.

Principal = $2,000

Fee on the loan = $150

Period of loan = 2 weeks

52 weeks = 1 year

Annual percentage rate = 195% ($150/$2,000 x 100 x 52/2)

Check:

APR in dollars = $150 ($2,000 x 195% x 2/52)

Thus, for borrowing $2,000 in two weeks and paying $150 as fee, Rosalinda's loan attracts 195% APR.

Learn more about the annual percentage rate at brainly.com/question/24715857

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