PayDay Loans is offering a special on one-year loans.The company will loan you $5,000 today in exchange for one payment of $5,900 one year from now.What is the APR on this loan?
A) 10.63 percent
B) 11.20 percent
C) 11.63 percent
D) 17.93 percent
E) 18.00 percent
Correct Answer:
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