A payday loan company charges a $85 fee for a $650 payday loan that will be repaid in 14 days. Treating the fee as interest paid, what is the equivalent annual interest rate? % interest

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 68SGR
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A payday loan company charges a $85 fee for a $650
payday loan that will be repaid in 14 days.
Treating the fee as interest paid, what is the equivalent
annual interest rate?
% interest
Transcribed Image Text:A payday loan company charges a $85 fee for a $650 payday loan that will be repaid in 14 days. Treating the fee as interest paid, what is the equivalent annual interest rate? % interest
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