How is the interest rate on a payday loan calculated? a. loan amount divided by total fees b. total fees divided by loan amount c. total fees divided by days of loan d. apr divided by 365

Option: b is the correct answer.

The interest rate on a payday loan is calculated as:

b. total fees divided by loan amount.

Step-by-step explanation:

An annual percentage rate (APR) is the annual rate charged for borrowing or earned through an investment.

The annual percentage interest rate (APR) for payday loans is calculated as:

By dividing the amount of interest paid by the amount borrowed; multiplying that by 365; divide that number by the length of repayment term; and multiply by 100.

Hence, the correct answer is:

Option: b

answer: 12

step-by-step explanation:

according to this law, when unemployment goes up by 1%, gdp drops by 2%. in the question, unemployment rate goes from 2% to 5%, meaning unemployment goes up by 3%, so the gdp drops by 6%. thus the effect is a drop in gdp by 6%.

step-by-step explanation: