Sidney took out a payday loan of $1200 that charged an $85 fee. If the loan matures in 2 weeks, what is the appropriate effective interest rate of the loan?

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asked Oct 10, 2018 53.7k views

2 votes

Sidney took out a payday loan of $1200 that charged an $85 fee. If the loan matures in 2 weeks, what is the appropriate effective interest rate of the loan?

Mathematics
middle-school

Praveen Srinivasan asked

by Praveen Srinivasan

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2 Answers

2 votes

Answer:

493%

Explanation:

Lotus answered Oct 11, 2018

by Lotus

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3 votes

Answer:

the asnwer is 493%, i know because i just took the test and i got it right. Hope this helps!

Explanation:

PangabiMC answered Oct 15, 2018

by PangabiMC

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