Mackenzie took out a payday loan for $1100 that charged a $95 fee. If the loan matures in 2 weeks, what is the approximate effec

Question

ratelena [41]

3 years ago

7

Mackenzie took out a payday loan for $1100 that charged a $95 fee. If the loan matures in 2 weeks, what is the approximate effec

tive interest rate of the loan?

Mathematics

2 answers:

Leona [35] · Answer 1 · 2022-03-05T20:03:46+03:00

Leona [35]3 years ago

5 0

Answer:

For apex , the answer is 764%

Step-by-step explanation:

Alexeev081 [22] · Answer 2 · 2022-03-05T18:52:52+03:00

Alexeev081 [22]3 years ago

4 0

We are asked to solve for the approximate effective interest rate of the loan and the given values are:
Payday load = $1100
Charge fee = $95

Solving for interest we have:
% interest = $95/$1100
% interest = 8.64 %

The answer to the problem is 8.64%.