which will have a higher effective interest rate a payday loan for $1700 that is due in 16 days with a fee of $100, or a payday

Question

3 years ago

11

loan for $1700 that is due in 14 days with a fee of $100

2 answers:

Fantom [35] · Answer 1 · 2022-06-25T15:27:33+03:00

7 0

1700 that is due in 14 days with a fee of 100$ because it’s a shorter time period

andrew-mc [135] · Answer 2 · 2022-06-25T16:46:08+03:00

3 0

A payday loan for $1700 that is due in 14 days with a fee of $100, since it has the shorter period. (Apex)