Fred ran short on cash and borrowed $300 through a Payday Loan company. The company charged him a fee of $60 to borrow the $300 for 14 days. Using the simple interest method calculate what interest rate was Fred charged for the aforementioned loan

A) 5.21%
B) 52.13%
C) 521.29%
D) None of the above

Answer: C

Business

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