The period is 10 days. To figure out the simple annual percentage rate, we need to multiply 22 percent per ten days by the number of ten day periods in a year, which is given by 365 days ocbc personal loan processing time by ten days or 36. Now, we simply take twenty two percent and multiply by 36.
This gives us a simple annual percentage rate of 803 percent. So borrowing two hundred dollars for forty four dollars over ten days has an annual percentage rate of 803 percent. And now you know how to calculate the annual interest rate equivalent on a short term payday loan before you take a payday loan. Click here to get a us credit loan from a trusted source.
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