9 If a borrower takes out a two-week payday loan in the amount of $300 and the lender charges a $45 fee, the APR will be if the full amount is paid when it is due. 450% 39% 45% 391% 10 Andrea lives in Kentucky and her friend Eva lives in Texas. Both Andrea and Eva were short of money and took out a $300 payday loan. They both paid their loans in full after two weeks, on the due date. After paying their loans, they talked about the high cost of borrowing. They were surprised to learn that O Eva had paid much less than Andrea to borrow the same amount. their costs of borrowing were different for the same amount. taking out a payday loan in different states did not affect the cost. the cost of borrowing was more for Andrea than it was for Eva