Question

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

Answer 1

B. 12.5%

Step by step explanation:

$400=$50fee

$200=$25fee

$100=$12.5fee