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Question 5 of 10 Mackenzie took out a payday loan for $1100 that charged a $95 fee. If the loan matures in 2 weeks, what is the approximate effective interest rate of the loan? OA. 862% OB. 86% OC. 76%
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Question 5 of 10

Mackenzie took out a payday loan for $1100 that charged a $95 fee. If the
loan matures in 2 weeks, what is the approximate effective interest rate of the
loan?
OA. 862%
OB. 86%
OC. 76%
OD. 762%

User Jsmartfo
by
8.7k points

1 Answer

4 votes
The answer would be OD. 762%
User Ajma
by
9.1k points
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