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What is the APR of a payday loan for $1100 due in 5 days that charges a $165 fee? A. 1095% B. 109.5% C. 10.95% D. 10,950%
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Jun 2, 2018
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What is the APR of a payday loan for $1100 due in 5 days that charges a $165 fee?
A. 1095%
B. 109.5%
C. 10.95%
D. 10,950%
Mathematics
high-school
Stabbz
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Stabbz
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$165 divided by 1,100= .15
Times that by 365 for each day of the year
Which will equal 54.75 divided that by 5 for the amount of days that the loan was for which equals 10.95, then times that by 100 which equals 1,095
Alejandro Carnero
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Jun 7, 2018
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Alejandro Carnero
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