Shaquil needs to borrow $400. The loan company charges him $80 in fees for the loan. Shaquil calculates that the annual percenta
ge rate (APR) on his loan is 250%. Approximately what is the term of Shaquil’s loan? a. 7 days b. 29 days c. 46 days d. 73 days
2 answers:
Answer:
(B)
Step-by-step explanation:
PRINCIPAL AMOUNT(p) = $400
RATE (r)= 250% = 2.5
INTEREST = $80
t = time (in days) = t/365
By using the formula,
r = 
2.5 = 
t = 
t = 29.2
t = 29 days (approx)
Hence option (B) is correct.
The answer is B.) 29 Days
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