3 years ago

What is the APR of a payday loan for $1100 due in 5 days that charges a $165 fee?

2 answers:

7 0

$165 divided by 1,100= .15
Times that by 365 for each day of the year
Which will equal 54.75 divided that by 5 for the amount of days that the loan was for which equals 10.95, then times that by 100 which equals 1,095

Rom4ik [11]3 years ago

3 0

Answer:

the right APEX answer is 1095%

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