Steven Is Beginning a New Job but Has Not Yet

Multiple Choice

Steven is beginning a new job but has not yet been paid.He needs $400 to pay his rent this month.Steven is going to borrow the money through a Payday Loan establishment.They are charging him an $80 fee to borrow the money for 10 days until he receives his first paycheck.What is the actual interest rate that Steven is being charged?

A) 7.3%
B) 73.0%
C) 730.0%
D) 0.073%
E) None of the above