Steven is beginning a new job but has not yet been paid. He needs $400 to pay his rent this month. Steven is going to borrow the money through a Payday Loan establishment
They are charging him an $80 fee to borrow the money for 10 days until he receives his first paycheck. What is the actual interest rate that Steven is being charged?
A) 7.3%
B) 73.0%
C) 730.0%.
D) .073%
E) None of the above
Answer: C
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