Respuesta :
1700 that is due in 14 days with a fee of 100$ because it’s a shorter time period
The loan that will have the higher effective interest rate is the payday loan for $1700 that is due in 14 days with a fee of $100.
What is the effective interest rate?
Effective interest rate is the interest rate that takes into account the number of periods of the loan and the number of compounding.
The payday loan for $1700 that is due in 14 days will have a higher effective interest rate because the duration of the loan is shorter when compared to the other loan.
To learn more about the effective annual rate, please check: https://brainly.com/question/4064975
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