Multiple Choice
The following Questions deal with payday loans. Assume the payday loan gets paid back in two weeks (1/26 of a year) . At the end of two weeks, the borrower pays back the loan plus a fee.
-If the fee on a $200 loan is $20, what is the APR?
A) 20%
B) 260%
C) 300%
D) 340%
Correct Answer:
Verified
Correct Answer:
Verified
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