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Cecy does not have an emergency fund and needs to pay for food to feed her family, so she decides to take out a payday
Cecy does not have an emergency fund and needs to pay for food to feed her family, so she decides to take out a payday loan. She takes out a loan with GET MONEY NOW: LENDING for $421, and is expected to pay back that total in 2 weeks when she gets her next paycheck. In addition, she needs to pay a fee of $64 the day the loan is due. What is the APR on Cecy's Loan? (Hint: The A in APR stands for "Annual" so 2 weeks - or 14 days - is in proportion to the full 365 day year)
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