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Payday Loans - The 400 Percent APR Trap

Activity (Answer Key)

Marcus's $300 payday loan carries a $45 fee that converts to roughly a 391% APR, a rate the chart puts at about 16 times a credit card and 36 times a personal loan, while five rollovers at that same fee pile up $225 in charges without ever touching the $300 owed.

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