Answers CMS 2026-2027 Economics and Personal Finance HONORS INITIAL CREDIT Consumer Responsibilities — QuizQuestion 7

7

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Consumer Responsibilities — Quiz

Question 7 • CMS 2026-2027 Economics and Personal Finance HONORS INITIAL CREDIT

How is the interest rate on a payday loan calculated?

Answer

A

loan amount divided by total fees

B

APR divided by 365

C

total fees divided by loan amount

D

total fees divided by days of loan

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