Question

Tess took out a payday loan with an effective interest rate of 34,700%. If she had $240 to invest for a year at this interest rate, how much would she make in interest?

A. $8328
B. $83,280
C. $8,328,000
D. $832,800

Answer 1

83, 280 is the correct answer to your question hope this helps

Answer 2

Tess invests $240 and an effective interest rate is : 34,700%.
If we want to calculate the interest we have to multiply $240 by 347.
( 34,700% = 347 * 100 % ):
$240 * 347 = $83,280
Answer:
B. $83,280