document.write( "Question 1146643: A payday loan company charges a $90 fee for a $400 payday loan that will be repaid in 16 days.\r
\n" ); document.write( "\n" ); document.write( "Treating the fee as interest paid, what is the equivalent annual interest rate?
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Algebra.Com's Answer #767931 by josmiceli(19441) $\"\"$ $\"About$

You can put this solution on YOUR website!
The fee per day its:
\n" ); document.write( " $\"+90%2F16+=+5.625+\"$ dollars/day
\n" ); document.write( "This is $\"+5.625%2A365+=+2053.125+\"$ dollars/yr
\n" ); document.write( "The annual interest rate would be
\n" ); document.write( " $\"+2053.125%2F400+=+5.1328+\"$
\n" ); document.write( "513.28 % annual rate
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\n" ); document.write( "definitely get another opinion.
\n" ); document.write( "check the math, too\r
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