A payday loan is a short-term loan that is repaid on the next payday, often by giving

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A payday loan is a short-term loan that is repaid on the next payday, often by giving the lender electronic access to a personal checking account. Some states have statutes that regulate the fees that may be charged for payday loans. In Problem express the annual interest rate as a percentage, rounded to the nearest integer.

In Illinois, charges on a payday loan may not exceed $15.50 per $100 borrowed. Find the annual interest rate if $400 is borrowed for 13 days at the maximum allowable charge.

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College Mathematics For Business Economics, Life Sciences, And Social Sciences

ISBN: 978-0134674148

14th Edition

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker

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