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andriy [413]
3 years ago
12

Kimberly took out a payday loan for $1500 due in 4 weeks that charged a $135 fee. What is the periodic interest rate of the loan

?
9%
468%
36%
117%
Mathematics
2 answers:
jasenka [17]3 years ago
8 0

Answer:

The periodic interest rate of the loan is 9 %.

Step-by-step explanation:

Given,  

The amount of loan = $ 1500,

Interest per period = $ 135,

Hence, the periodic interest rate of the loan

=\frac{\text{Interest per period}}{\text{The amount of loan}}\times 100

=\frac{135}{1500}\times 100

=\frac{13500}{1500}

=9\%

First option is correct.

Sloan [31]3 years ago
7 0
The correct answer is 9% -- APEX                        
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