Question 1146624
A payday loan company charges a $50 fee for a $650 payday loan that will be repaid in 12 days.
 What is the equivalent annual interest rate?
:
{{{365/12}}} * 50 = $1520.83 per year
:
r * 650 = 1520.83
r = 1520.83/650 * 100
r = 234%  is annual interest