Treating the fee as interest paid what is the equivalent
A payday loan company charges a $80 fee for a $700 payday loan that will be repaid in 11 days.
Treating the fee as interest paid, what is the equivalent annual interest rate?
( ) % interest Round to the nearest percent. This may be over 100%
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a payday loan company charges a 80 fee for a 700 payday loan that will be repaid in 11 daystreating the fee as interest
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