Math applications question?
If Carol needs to borrow $500 for a repair to her house, and will be able to pay it back after a few weeks, she goes to Joe’s Loan Store. They lend her the $500 for 4 weeks, and then she will pay it back in full. The store charges her $80 interest for the 4 weeks. What is the APR for this loan to the nearest 10%?
- 1 month agoFavourite answer
It would be 64 percent APR if carried out for the whole year