i dont get this problem

Mathematics
Tutor: None Selected Time limit: 1 Day

A payday loan store charges $25 for a one-month loan of $420. What annual interest rate is that equivalent to?

Jun 1st, 2015

Loan amount = 420 $

Loan period = 30 days

Finance charges = 25

APR = (25/ 420) * (365/14) * 100 = 72.42%

Please let me know if you have any questions and best me if you are satisfactory.

Jun 1st, 2015

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