5
AssignmentMultiple Choice

Consumer Responsibilities

Question 5 • OK-Personal Financial Literacy S1 – EDGNTY-83861 26-27

Kaleb wants to get a payday loan in the amount of $375. They know that the annual percentage rates (APR) for these types of loans are high, but they are hoping to find one that has an APR of 40%. If Kaleb finds a business that charges a fee of $37 for the loan, what would the term of the loan need to be in order for Kaleb to get their desired APR?

Answer
A
9 days
B
19 days
C
90 days
D
95 days