Effective), the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, and other factors. Keep in mind that the APR range is not your finance charge and your finance charge will be disclosed later on. See a Representative Example. Borrow 200 for 14 days with a 30 to 60 lender fee. Your estimated APR is 391 to 782 Calculation: (lender fee loan amount) x (amount of days in a year duration of lone star cash benefits loan) x 100 Low End of Range: (30 200) (365 days 14 days) x 100 391.
07 High End of Range: (60 200) (365 days 14 days) x 100 782.
But thats not actually the exact formula used. Non leap years have 365 days, but note that 52 weeks x 7 days per week is 364. So, the exact formula requires using a. A shop window in Falls Church, Virginia, advertises payday loans. more precise number.
To figure out how many two-week period there are in a year. We divide 365 days by 14 days to get 26.
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