Question

You obtain a 90-day payday loan for $350.00. The costs for the loan include $59.50 in interest and $45.00 in fees. (Note: Payday loans usually have very high-interest rates.)

a. For the interest alone, what is the annual percentage rate? Include six significant digits in your answer.

% =

b. When you add the fees to the interest, what is the annual percentage rate? Include six significant digits in your answer.

% =

Answer 1