Respuesta :
Answer:
Option B 250% is the answer.
Step-by-step explanation:
Amount of pay day loan = $730
Also given is that the payday loan for $730 due in 15 days that charges a $75 fee.
The working is as follows:
Charges per day = [tex]\frac{75}{15}=5[/tex]
Charges per year = [tex]365\times5=1825[/tex]
Hence, for the due amount of $730, it will be charged on a rate of APR =
[tex]\frac{1825}{730}*100[/tex] = 250%
