President J. Reuben Clark Jr. once warned that “Once in debt…

President J. Reuben Clark Jr. once warned that “Once in debt, ___________ is your companion every minute of the day and night, you cannot shun it or slip away from it … and whenever you get in its way or cross its course or fail to meet its demands, it crushes you…”

You are a little short on your cash. Your rent of $700 is du…

You are a little short on your cash. Your rent of $700 is due today, October 23 but you don’t get paid until October 30. Payday Buddies will give you a payday loan of $700 today, October 23, if you will pay back $755 on October 30, when you get your paycheck.  What is the APR on this loan?