If a person borrows $450 at the beginning of the month and promises to pay back $543.75 on payday at the end of the month, what is their monthly interest rate? what is the associated apr of this payday loan?

253.472 %

Step-by-step explanation:

Given,

Borrowed amount = $ 450,

Amount paid back after one month = $ 543.75,

Thus, the amount of interest paid in one month

= Amount paid back - Borrowed amount

= $ 543.75 - $ 450

= $ 93.75

Hence, the annual percentage interest rate (APR) for payday loans

≈ 253.472 %

Note :

Number of days in a month = 30 ( approx )

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step-by-step explanation:

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