MATH SOLVE

5 months ago

Q:
# which will have a higher effective interest rate a payday loan for $1700 that is due in 16 days with a fee of $100, or a payday loan for $1700 that is due in 14 days with a fee of $100

Accepted Solution

A:

1700 that is due in 14 days with a fee of 100$ because it’s a shorter time period