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Kimberly took out a payday loan for $1500 due in 4 weeks that charged a $135 fee. What is the periodic interest rate of the loan?
9%
468%
36%
117%

Respuesta :

the correct answer is 9% -- APEX                        

Answer:

The periodic interest rate of the loan is 9 %.

Step-by-step explanation:

Given,  

The amount of loan = $ 1500,

Interest per period = $ 135,

Hence, the periodic interest rate of the loan

[tex]=\frac{\text{Interest per period}}{\text{The amount of loan}}\times 100[/tex]

[tex]=\frac{135}{1500}\times 100[/tex]

[tex]=\frac{13500}{1500}[/tex]

[tex]=9\%[/tex]

First option is correct.

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