Mathematics, 24.12.2019 21:31 ShiannBerry
Which will have a higher effective interest rate β a payday loan for $1900 that is due in 14 days with a fee of $80, or a payday loan for $1900 that is due in 12 days with a fee of $80?
a. a payday loan for $1900 that is due in 12 days with a fee of $80, since it has the longer period
b. a payday loan for $1900 that is due in 14 days with a fee of $80, since it has the shorter period
c. a payday loan for $1900 that is due in 14 days with a fee of $80, since it has the longer period
d. a payday loan for $1900 that is due in 12 days with a fee of $80, since it has the shorter period
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