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A payday loan company charges a 70 fee for a 500 payday loan that will be repaid in 18 days Treating the fee as interest paid what is the equivalent annual interest rate interest Round to the

A payday loan company charges a $70 fee for a $500 payday loan that will be repaid in 18 days.

Treating the fee as interest paid, what is the equivalent annual interest rate?

% interest Round to the nearest percent. This may be over 100%

 

Sep 08 2020 Read more Less More

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