Computers and Technology, 05.02.2021 23:50, nosleepbrooklyn2006
It took her 9 more months but Marina has managed to save the full $725 plus more to cover fees to pay off the pay-day loan company. However, she forgot to account for the interest that had been compounding over time. Consider it is now 275 days later, the remaining loan was $725 and the APR is 47% compounded daily.
What is the total amount that Marina must now pay in order to pay off her the loan, accounting for interest?
What is the total amount of interest paid (not including fees)?
Answers: 3
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