anonymous
  • anonymous
will fan and medal! Can somebody help me solve this with an explanation please!! What is the APR of a payday loan for $1100 due in 5 days that charges a $165 fee?
Mathematics
jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
perl
  • perl
the borrower receives $1100 today, and must pay $1265 in 5 days
perl
  • perl
how many 5 day periods are in a 365 day year?

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perl
  • perl
its a little more involved
anonymous
  • anonymous
so 73?
perl
  • perl
365/5 = 73 periods of 5 days in a year. 73 * $165 = $12,045 total interest in a year (if he kept that rate in 5 days)
anonymous
  • anonymous
but then how would we find the percentage?
perl
  • perl
12,045 / 1100 = 10.95 = 10.95 * 100 %
perl
  • perl
1095% APR
anonymous
  • anonymous
thank you so much i will refer to this every time i come across a question like this!!
anonymous
  • anonymous
life saver like for reals!

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