Poppy19purple Poppy19purple

02-05-2017
Mathematics

contestada

Mackenzie took out a payday loan for $1100 that charged a $95 fee. If the loan matures in 2 weeks, what is the approximate effective interest rate of the loan?

Respuesta :

15-05-2017

We are asked to solve for the approximate effective interest rate of the loan and the given values are:
Payday load = $1100
Charge fee = $95

Solving for interest we have:
% interest = $95/$1100
% interest = 8.64 %

The answer to the problem is 8.64%.

Answer Link

drunkelmo04 drunkelmo04

31-01-2019

Answer:

For apex , the answer is 764%

Step-by-step explanation:

Answer Link

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