A payday loan company charges a $60 fee for a $450 payday loan that will be repaid in 10 days. Treating the fee as interest paid, what is the equivalent annual interest rate? % interest Round to the...


A payday loan company charges a $60 fee for a $450 payday loan that will be repaid in 10 days.<br>Treating the fee as interest paid, what is the equivalent annual interest rate?<br>% interest Round to the nearest percent. This will be over 100%<br>

Extracted text: A payday loan company charges a $60 fee for a $450 payday loan that will be repaid in 10 days. Treating the fee as interest paid, what is the equivalent annual interest rate? % interest Round to the nearest percent. This will be over 100%

Jun 07, 2022
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