Question: You take a $1,000 post-dated check to a PayDay lender. The lender charges you a $10 application fee and loans you $975. The check matures

  1. You take a $1,000 post-dated check to a PayDay lender. The lender charges you a $10 application fee and loans you $975. The check matures five (5) days after you allow the lender to possess it. What is the APR for this loan if you only use this service one time? What is the APR (and APY) if you use this service over and over such that you repeated 73 times in the year?

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