32
QuizMultiple Choice

N/A — Exam

Question 32 • CMS 2026-2027 Economics and Personal Finance HONORS INITIAL CREDIT

Barbara got a flat tire and does not have a spare. She needs her car for work, so she goes to a business that offers payday loans in order to get the money to buy a new tire. She borrows 75 dollars and plans to pay it back when she gets paid in 8 days. Barbara is charged a fee of 15 dollars and the term on her loan is 8 days. Approximately what is the annual percentage rate on her loan?

Answer
A
228 percent
B
973 percent
C
487 percent
D
913 percent
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