The annual percentage rate of the loan is approximately 913%. option c is correct.
<h3>What is the annual percentage?</h3>The yearly interest earned by an amount charged to borrowers or paid to investors is referred to as the annual percentage rate.
APR is a percentage that indicates the real annual cost of money for a loan or investment over the period of the loan.
The amount borrowed = $75
no of days =8 days
Fees charged = $15
The annual percentage is found as;
If the rate of interest is 20% then the annually the rate is obtained as;
Hence the annual percentage rate of the loan is approximately 913%. option c is correct.
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