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Payday loans are very short-term loans that charge very high interest rates. You can borrow $500 today and repay $575 in two weeks. What is the compound annual rate implied by this 15 percent rate charged for only two weeks?

Respuesta :

nelmariluza

Answer:

3685.7%

Step-by-step explanation:

Please don't get mad if it's wrong.

Izzy1974

Answer:

Step-by-step explanation:

If you pay 75 every two weeks and continue renewing for one year you will pay 150 a month *12 months= 1800

500/1800= 27% interest.

Most states have a 30% cap.

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