Which will have a higher effective interest rate, a payday loan for $2100 due in 13 days with a fee of $110 or a payday loan for $2100 due in 11 days with a fee of $110

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asked Mar 10, 2024 95.4k views

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Pellizon · Answer 1 · 2024-03-16T23:57:36+0000

Answer:

a payday loan for $2100 due in 11 days with a fee of $110

is the correct answer. The payday loan for 2100 that is due in 11 days will have a higher effective interest rate because the duration of the loan is shorter when compared to the other loan.

Which will have a higher effective interest rate, a payday loan for $2100 due in 13 days with a fee of $110 or a payday loan for $2100 due in 11 days with a fee of $110

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