Patty took out a payday loan for $700 due in 2 weeks that charged a $140 fee. What is the periodic interest rate of the loan?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Patty took out a payday loan for
$700 due in 2 weeks that
charged a $140 fee. What is the
periodic interest rate of the
loan?

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