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Business, 11.02.2020 00:28 shelbymelton18

Assume you borrow $500 from a payday lender. The terms are that you must pay a fee of $75 in advance (today) and oneyear from now you need to repay $750. What implied interest rate are you paying?A. 43.09%B. 55.78%C. 76.47%D. 81.03%

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Assume you borrow $500 from a payday lender. The terms are that you must pay a fee of $75 in advance...

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