$30 fee for 15 days is $2 per day
365 days in a year ... $730 per year
(730 / 550) * 100% = ?
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?
% interest Round to the nearest percent. This will be over 100%
1 answer
1 answer