Annual Percentage Rate (APR)?

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If I borrow $500 dollars on one day, and I must repay $530 in exactly one week, what is my APR on the loan?

There are 52 weeks in a year. The rate per week is 30/500 x 100% = 6% per week x 52 weeks = 312% per annum.

2007-09-23 03:15:37 · answer #1 · answered by Sandy 7 · 0⤊ 0⤋

30/500 * 4 (week) * 12 (month) * 100
= 288%

must be a payday loan rate

2007-09-23 10:11:34 · answer #2 · answered by cuteman 3 · 0⤊ 0⤋