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anonymous
 one year ago
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?
anonymous
 one year ago
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?

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perl
 one year ago
Best ResponseYou've already chosen the best response.1the borrower receives $1100 today, and must pay $1265 in 5 days

perl
 one year ago
Best ResponseYou've already chosen the best response.1how many 5 day periods are in a 365 day year?

perl
 one year ago
Best ResponseYou've already chosen the best response.1its a little more involved

perl
 one year ago
Best ResponseYou've already chosen the best response.1365/5 = 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
 one year ago
Best ResponseYou've already chosen the best response.0but then how would we find the percentage?

perl
 one year ago
Best ResponseYou've already chosen the best response.112,045 / 1100 = 10.95 = 10.95 * 100 %

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0thank you so much i will refer to this every time i come across a question like this!!

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0life saver like for reals!
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