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

Question

3 years ago

12

?
9%
468%
36%
117%

2 answers:

jasenka [17] · Answer 1 · 2022-07-02T16:56:55+03:00

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] · Answer 2 · 2022-07-02T15:05:14+03:00

Sloan [31]3 years ago

7 0

The correct answer is 9% -- APEX