You are running short of cash and really need to pay your tuition. A friend suggests that you check out the local title pawn shop. At the shop they offer to loan you $10,000 if you pay them back $15,000 in one month. It seems like a good idea to you because you don’t want to sell your car and you are sure you will be able to pay the money back in a month.

What is the APR on this loan?

Answer rating: 100% (QA)

The APR on this loan is approximately 600 This is an extremely high A... View the full answer