lileywood10 lileywood10
  • 24-06-2019
  • Arts
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A payday loan store charges $25 for a one-month loan of $500. What annual interest rate is this equivalent to?​

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rachelnugent2003
rachelnugent2003 rachelnugent2003
  • 24-06-2019
The annual percentage interest rate (APR) for payday loans is calculated by dividing the amount of interest paid by the amount borrowed; multiplying that by 365; divide that number by the length of repayment term; and multiply by 100.
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