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1)A payday loan company charges a $55 fee for a $400 payday loan that will be...

1)A payday loan company charges a $55 fee for a $400 payday loan that will be repaid in 18 days. Treating the fee as interest paid, what is the equivalent annual interest rate? 2)A local business gives loans to help people get by until their next payday. If the business charges $13 interest per $100 borrowed over a period of half a month, what is the A.P.R. (annual percentage rate) of the loan? The A.P.R. of the loan is?

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