Alexander Nunez
02/26/2024 · Elementary School
Some of the most common (and most dangerous) examples of simple interest are short-term payday loans, which some lenders also cal is not to be confused with a cash advance on a credit card.) Let's say that you're going to get paid in ten days, and you need some cash payday lender might lend you \( \$ 720 \) now, and you'll be asked to pay them back when your paycheck comes. Of course, you'll have to pa fee charged by these types of lenders is \( \$ 25 \) per every \( \$ 200 \) borrowed. How much would you have to pay back in ten days? The amount of money you'd have to pay back is \( \$ \)
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The total amount to be repaid in ten days is $810.
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