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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
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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

User Robert White
by
7.6k points

2 Answers

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

User Jason Rikard
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6.6k points
6 votes
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

User Dave Bennett
by
6.1k points
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