SOLUTION: a payday loan company charge a $50 fee for a $600 payday loan that will be repaid in 10 days treating the fee as an interest paid what is the equivalent annual interest rate?
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Question 1074329: a payday loan company charge a $50 fee for a $600 payday loan that will be repaid in 10 days treating the fee as an interest paid what is the equivalent annual interest rate?
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
So 50 is to 10 as X is to 365.
Then,
304.17% APR
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