Garth had unexpected expenses this month and didn't have enough in his saving account to pay the rent of $600.He went to Loanshark Larry's to borrow the money until his next paycheck 15 days from now.Larry charges $100 interest for the 15 days.What is the APR for this payday loan?

APR

The Annual Percentage Rate, a measure used to calculate the cost of borrowing, including interest and other fees, shown as a yearly rate.

Payday Loan

A type of short-term borrowing where a lender provides high-interest credit based on a borrower's income and credit profile, typically to be repaid by the next payday.