Question
JJ has a Payday loan for $500. The Payday loan company is charging JJ 12% interest for a 3-month loan. JJ thinks hes getting a
JJ has a Payday loan for $500. The Payday loan company is charging JJ 12% interest for a 3-month loan. JJ thinks hes getting a great deal only 12%! What is the true APR of this payday loan?
| A. 12% APR, duh. |
|
| B. 48% APR |
|
| C. 4% APR |
|
| D. 312% APR | |
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Entrepreneurial Finance Finance For Small Business
Authors: Philip J. Adelman
1st Edition
0138129835, 9780138129835
