Respuesta :
The answer I got is 150%
90/15= $6
6*365= $ 2191.5
2191.5 / 1460 * 100=150%
90/15= $6
6*365= $ 2191.5
2191.5 / 1460 * 100=150%
Answer:
The answer is 150%
Step-by-step explanation:
Amount of pay day loan = $1460
Also given is that the payday loan for $1460 due in 15 days that charges a $90 fee.
Per day it will charge = [tex]\frac{90}{15}=6[/tex] dollars
For a year it will charge = [tex]365\times6=2190[/tex]
Thus for the due amount of $1460, it will be charged on a rate of =
[tex]\frac{2190}{1460} \times100[/tex] = 150%
Therefore, the APR is 150%.
