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.

What Is Consumer Debt?

Consumer debt consists of personal debts that are owed as a result of purchasing goods that are used for individual or household consumption. Credit card debt, student loans, auto loans, mortgages, and payday loans are all examples of consumer debt.