What is the annual rate of interest for this loan


A payday loan is a small, short-term loan to a borrower, offered with the idea that it is paid back quickly within the next pay period or so. Pay-Later Loans will provide a loan of $180, to be paid back in 40 days with a fee of $32. (The fee is equivalent to an interest charge). What is the annual rate of interest for this loan? (Assume simple interest with a 360 day year.)

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Accounting Basics: What is the annual rate of interest for this loan
Reference No:- TGS0707651

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