Answer:
APR = 321.146%
Explanation:
Fees in dollars = $130
Amount of refund = $985
Duration of loan = 15 days
Number of "15-days" in a year assuming 365 days a year = 365/15 =24.333
15 days' fees as a percentage of the refund = [tex]\frac{130}{985} *100\\ \\ =0.1319797 *100\\ \\ =13.19797%[/tex]
Therefore since we determined above that in a year we have a total of 24.333 "15-days" ,
Annual percentage rate (APR) = 24.333 * 13.19797%
APR = 321.146%
