SOLUTION: A payday loan company charges a $30 fee for a $550 payday loan that will be repaid in 15 days.
Treating the fee as interest paid, what is the equivalent annual interest rate?
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-> SOLUTION: A payday loan company charges a $30 fee for a $550 payday loan that will be repaid in 15 days.
Treating the fee as interest paid, what is the equivalent annual interest rate?
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Question 1174012: A payday loan company charges a $30 fee for a $550 payday loan that will be repaid in 15 days.
Treating the fee as interest paid, what is the equivalent annual interest rate?