Quick Loans Daily Interest APR Calculation

What is the APR for a $600 loan with Quick Loans charging $3.94 in interest daily?

The Annual Percentage Rate (APR) for a $600 loan with Quick Loans charging $3.94 in interest daily is 239.4455%.

Explanation:

To calculate the Annual Percentage Rate (APR), we need to consider the daily interest rate provided by Quick Loans. In this scenario, Quick Loans charges $3.94 in interest for every day the $600 loan is outstanding.

On a daily basis, the interest rate is calculated as $3.94 divided by $600, which is approximately 0.6567% per day.

To find the APR, we multiply this daily interest rate by the number of days in a year (365) to get 239.4455%. Unfortunately, none of the given options match this calculated APR, indicating a potential error in the problem setup or answer options.

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