Payton needs money today, so he decides to take out a loan for $511 with a payday

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Payton needs money today, so he decides to take out a loan for $511 with a payday lender. The lender expects the money back in 3 weeks with a fee of $61. What is the APR of this loan? Please assume there are 52 weeks in a year.

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Management A Practical Introduction

ISBN: 978-0078112713

5th edition

Authors: Angelo Kinicki, Brian Williams

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Posted Date: Apr 02, 2024 03:57 AM

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Payton needs money today, so he decides to take out a loan for $511 with a payday

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Heres how to calculate the APR Annual Percentage Rate for Paytons payday loan 1 Calculate the Intere... View the full answer

Management A Practical Introduction

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