Essay
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 $300 loan is $50, what is the APR?
A)367%
B)400%
C)433%
D)500%
Correct Answer:
Verified
Correct Answer:
Verified
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