# Reduced Fraction Assignment | Homework For You

Question 3 of 4 (1 point) Some of the most common and most dangerous) examples of simple interest are short-term payday loans, which some lenders also call “cash advances”. (This is not to be confused with a cash advance on a credit card.) Let’s say that you’re going to get paid in ten days, and you need some cash for a car repair now. A payday lender might lend you \$700 now, and you’ll be asked to pay them back when your paycheck comes. Of course, you’ll have to pay interest. The median fee charged by these types of lenders is S25 per every \$200 borrowed. What portion of a year is the ten-day period for this loan? Write your answer as both a fraction, and a decimal. Reduce the fraction and round the decimal value to four places.
The reduced fraction is____ of a year and the decimal value is_____ of a year. Get Finance homework help today

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