Answers FL-2102373-Personal Finance and Money Management Honors Consumer ResponsibilitiesQuestion 4

4

QuizMultiple Choice

Consumer Responsibilities

Question 4 • FL-2102373-Personal Finance and Money Management Honors

How is the interest rate on a payday loan calculated?

Answer

A

loan amount divided by total fees

B

total fees divided by loan amount

C

total fees divided by days of loan

D

APR divided by 365

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