Question
A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $ 28$28 fee for
A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $ 28$28 "fee" for a two-week $ 220$220 payday loan (when you repay the loan, you pay $ 248$248). What is the effective annual interest rate for this loan?(Assume 26 bi-weekly periods per year.)
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Project Finance In Theory And Practice
Authors: Stefano Gatti
3rd Edition
0128114010, 978-0128114018
