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Question 2 of 10 Leigh took out a payday loan for $400 due in 2 weeks that charged a $50 fee. What is the periodic interest rate of the loan? A. 25% B. 12.5% C. 325% D. 650% SUBMIT
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Question 2 of 10

Leigh took out a payday loan for $400 due in 2 weeks that charged a $50 fee.
What is the periodic interest rate of the loan?
A. 25%
B. 12.5%
C. 325%
D. 650%
SUBMIT

User Jellen Vermeir
by
3.6k points

1 Answer

8 votes

Answer:

B. 12.5%

Step by step explanation:

$400=$50fee

$200=$25fee

$100=$12.5fee

User Martin James
by
3.5k points
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