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Contact [7]
3 years ago
6

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

Mathematics
2 answers:
Sergio039 [100]3 years ago
6 0
Charge per day = $90 / 15 = $ 6 
<span>Charge per year = $ 6 * 365 1/4 ( If the year contains 365 1/4 days) </span>
<span>= $ 2191.5 </span>
<span>As a percentage = 2191.5 / 1460 * 100 = 150 % </span>
<span>Answer (A)</span>
Tema [17]3 years ago
5 0
Charge per day = $90 / 15 = $ 6 
<span>Charge per year = $ 6 * 365 1/4 ( If the year contains 365 1/4 days) </span>
<span>= $ 2191.5 </span>
<span>As a percentage = 2191.5 / 1460 * 100 = 150 % 
So the answer should be 150%</span>
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