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In February 2012, PayDayMax.com was charging a fee of $93.10 for a 14-day payday loan of $500. What...
5 months ago
Q:
In February 2012, PayDayMax.com was charging a fee of $93.10 for a 14-day payday loan of $500. What is the annual rate of simple interest on this loan?
Accepted Solution
A:
485.45%