Compound Frequency Payday loans are very short-term loans that charge very high interest rates. You can borrow

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Compound Frequency Payday loans are very short-term loans that charge very high interest rates. You can borrow $1,000 today and repay $1,180 in two weeks. What is the compound annual rate implied by this 18 percent rate charged for only two weeks?

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7,294.90%
19.65%
21.60%
18.60%

Posted Date: Jul 03, 2024 09:17 AM

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Compound Frequency Payday loans are very short-term loans that charge very high interest rates. You can borrow

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