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Do you need cash fast? Your local PayDay Cash Advance Store willcash your personal check...

Do you need cash fast? Your local PayDay Cash Advance Store will cash your personal check today and hold it until your next payday.” So, in effect, you get a short-term loan for a fee. Suppose that “your local PayDay Cash Advance Store” charges $15.00 per cash advance, the average cash advance is $500, and the average loan term is two weeks. What is the EAR on the average loan?

34.87 Percent

76.87 Percent

115.66 Percent

143.54 Percent

None of the Above

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jeff jeffy answered 2 years ago
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