3 years ago

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

2 answers:

6 0

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)

Tema [17]3 years ago

5 0

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%

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