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27 August, 13:17

It took her 9 more months but Marina has managed to save the full $650 plus more to cover fees to pay off the pay-day loan company. However, she forgot to account for the interest that had been compounding over time. Considering it is now 275 days later, the remaining loan was $650 and the APR is 47% compounded daily, what is the total amount that Marina must now pay in order to pay off her the loan, accounting for interest?

Answers (1)
  1. 27 August, 15:07
    Considering the 47% APR which is compounded daily, after 9 months or 275 days Marina should pay $925.98 to pay off her loan.
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