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16-11-2017
Mathematics

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What is the APR of a payday loan for $1460 due in 15 days that charges a $90 fee?

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16-11-2017

Charge per day = $90 / 15 = $ 6
Charge per year = $ 6 * 365 1/4 ( If the year contains 365 1/4 days)
= $ 2191.5
As a percentage = 2191.5 / 1460 * 100 = 150 %
So the answer should be 150%

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