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The rate for the period is forty-four dollars divided by two hundred dollars or 22-percent. The period is 10 days. To figure out the simple annual percentage rate, we need to multiply 22 percent per ten days by the number of ten day periods in a year, which is given by 365 days divided by ten days or 36. Now, we simply take twenty two percent and multiply by 36. This gives us a simple annual percentage rate of 803 percent.
So borrowing two hundred dollars for forty four dollars over ten days has an annual percentage rate of 803 percent. And now you know how to calculate the annual interest rate equivalent on a short term payday loan before you take a payday loan.
00 Fixed interest rate for the entire term of the loan, so your monthly installment never changes Fixed term so you know how many payments you need to make to pay off your loan Longer payment period gives you the flexibility to fit your monthly installment right into your loans payed off by random person reddit. Monthly principal payments make sure that your outstanding loan steadily decreases over time.
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