Question

What is the APR of a payday loan for $1460 due in 15 days that charges a $90 fee?

Answer 1

Charge per day = $90 / 15 = $ 6 
Charge per year = $ 6 * 365 1/4 ( If the year contains 365 1/4 days) 
= $ 2191.5 
As a percentage = 2191.5 / 1460 * 100 = 150 % 
Answer (A)

Answer 2

Charge per day = $90 / 15 = $ 6 
Charge per year = $ 6 * 365 1/4 ( If the year contains 365 1/4 days) 
= $ 2191.5 
As a percentage = 2191.5 / 1460 * 100 = 150 % 
So the answer should be 150%