Question:

A payday loan company charges a $50 fee for a $600 payday

Last updated: 8/4/2022

A payday loan company charges a $50 fee for a $600 payday

A payday loan company charges a $50 fee for a $600 payday loan that will be repaid in 11 days. Treating the fee as interest paid, what is the equivalent annual interest rate? [?] % interest