What is the APR for a loan that charges $21 to borrow $420 for 14 days?...

Question

Question

What is the APR for a loan that charges $21 to borrow $420 for 14 days? Group of answer choices

130.3% APR.

50.0% APR.

100.0% APR.

166.7% APR.

business finance

Answer 1

Answer #1

Annual percentage rate (APR) 130.3% =(21/420)*(365/14)

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Answer 2

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