A payday loan company charges 3.8 percent interest for a two-week period. what would be the annual interest rate from that company?

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06-09-2022
Business

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A payday loan company charges 3.8 percent interest for a two-week period. what would be the annual interest rate from that company?

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By multiplying the two-week interest rate (0.052) by the number of interest periods in the year (in this case, 52/2, or 26), one can determine the yearly interest rate. The result of multiplying 26 by 0.052 is 1.352, or an annual interest rate of 135.2%.

What is annual interest?

The term "annual interest rate" refers to the interest rate that is imposed year-round. Among other time periods, interest rates may be imposed on a monthly, quarterly, or biennial basis. However, interest rates are typically annualized.

For instance, the effective yearly interest rate for a loan with a stated interest rate of 30% and monthly compounding would be 34.48%. Banks often promote the 30% advertised interest rate rather than the 34.48% effective interest rate.

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What is annual interest?

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