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) About Me  (Show Source):
You can put this solution on YOUR website!
So 50 is to 10 as X is to 365.
50%2F10=X%2F365
X=5%2A365
X=1825
Then,
X%2F600=1825%2F600=3.0417
304.17% APR