Kaleb wants to get a payday loan in the amount of $375. He knows that the annual percentage rates (APR) for these types of
loans are high, but he is hoping to find one that has an APR of 40%. If Kaleb finds a business that charges a fee of $37 for the
loan, what would the term of the loan need to be in order for Kaleb to get his desired APR?
a. 9 days
b. 19 days
c. 90 days
d. 95 days
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