Question 1190274
<font color=black size=3>
Assuming the loan company uses a 360 day year
(16 days)/($65 fee) = (360 days)/(x dollar fee)
16/65 = 360/x
16x = 360*65
x = 360*65/16
x = 1,462.50
This means that if the same rate was applied for the entire 360 day year, then the annual fee would be $1,462.50
The interest rate is then
(1,462.50)/(700) = 2.0893 = 208.93% approximately


Or if the loan company uses a 365 day year, then,
(16 days)/($65 fee) = (365 days)/(x dollar fee)
16/65 = 365/x
16x = 365*65
x = 365*65/16
x = 1,482.8125
x = 1,482.81
which leads to
(1482.81)/(700) = 2.1183 = 211.83%


So it will depend on how many days are defined in the financial year. 
It's common to have payday loans with such high APR.
</font>