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Assume that you take a payday loan for $200 and have to repay the loan with $240 in 1 month. What is the monthly interest

Assume that you take a payday loan for $200 and have to repay the loan with \$240 in 1 month. What is the monthly interest rate? What do you think the lender would claim the APR is? If you left this loan unpaid for one year, what would you owe? What do you think the APR is? image text in transcribed
Assume that you take a payday loan for $200 and have to repay the loan with $240 in 1 month. What is the monthly interest rate? What do you think the lender would claim the APR is? If you left this loan unpaid for one year, what would you owe? What do you think the APR is? The monthly interest rate is 1%. (Type an integer or a decimal.)

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