Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today and repay $575 in two wee

Question

2 years ago

7

ks. What is the compound annual rate implied by this 15 percent rate charged for only two weeks?

2 answers:

Artyom0805 [142] · Answer 1 · 2022-09-19T05:07:07+03:00

8 0

Answer:

3685.7%

Step-by-step explanation:

Please don't get mad if it's wrong.

stepladder [879] · Answer 2 · 2022-09-19T07:20:41+03:00

4 0

Answer:

Step-by-step explanation:

If you pay 75 every two weeks and continue renewing for one year you will pay 150 a month *12 months= 1800

500/1800= 27% interest.

Most states have a 30% cap.