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I borrowed $400 & had to pay back $470 in 14 days. What is the percentage of interest I paid?

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I borrowed $400 & had to pay back $470 in 14 days. What is the percentage of interest I paid?

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  1. 70/400 = 17.5%  That's just part of the calculation.  

    BUT, that was over 14 DAYS.  

    The APR is an annual rate.  ANNUAL PERCENTAGE RATE, doah.  

    If you computed the APR at a DAILY RATE, it's 456%

    ((70/400) /14 days) X 365 days/year

    Figuring the APR, easy way, at a MONTHLY RATE    420%

    figuring 14 days as half a month,

    ((70/400) / 0.5 month) X 2 x 12 month/year

    Either way, it's USUARY.

    Think of it they way:  they profited $17.50 per $100 they advanced you.  

    That would be the APR, if you made $17.50 per $100 , IN A YEAR!  Even Wall Street doesn't do that.  

    My God, what are we teaching in schools?  It's certainly not finance, accounting, and money management.


  2. about 460% annual

  3. I calculated that would be an annual percentage interest rate of 52.5  percent. Isn't that an  illegal rate of interest?

  4. take the difference between 400 and 470 (70) and divide by 400. The interest is 17.5%.  It's always hard for me to remember that you divide the smaller number by the larger.

    Hope this helps!

  5. You went to Payday loan place didn't you?  Stay away from these places they are legalized loan sharks.

  6. If I set my financial calculator to 365 payments per year to accommodate the very short accumulation period, I get a result of 422.88% when I enter the present value of $400, enter the future value of $-470, and set the number to 14 to calculater the annual percentage rate for fourteen days.  Even if you paid $70 dollars in one year, you'd be paying 16.13% interest.  Hope this helps.

  7. 420% APR.  If you got that kind of loan from a non-traditional place I would run like h**l prior to going back there again.  You got ripped off.

  8. 456.25% annual rate

  9. 17.5% for two weeks. The annual rate is over 450%.

    You've been ripped off!

  10. 420% +

  11. 17.5%
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