SOLUTION: The end of the month has arrived and Marina was only able to save up $150 to pay off her pay-day loan of $900. This means she will have to delay payment on the remaining $750. Be

Algebra ->  Finance -> SOLUTION: The end of the month has arrived and Marina was only able to save up $150 to pay off her pay-day loan of $900. This means she will have to delay payment on the remaining $750. Be      Log On


   

Question 1151431: The end of the month has arrived and Marina was only able to save up $150 to pay off her pay-day loan of $900. This means she will have to delay payment on the remaining $750. Besides the delayed payment fee that she is charged, she will now have to pay interest on the remaining amount. The APR (annual percentage rate) is 47%, but the interest is compounded daily.
What is the effective interest rate that Marina will actually be paying?
Answer by Theo(13342) About Me  (Show Source):