Answer:
16%
Step-by-step explanation:
The periodic interest rate refers to the rate that it's charged after certain fixed period, can be yearly, monthly, daily. In this case, the periodic interest rate is due in 2 weeks.
Now, to find this interest rate, we just have to divide the fee by the loan and see what percentage represents
[tex]\frac{\$80}{\$500}=0.16[/tex]
Then, we multiply by 100 to obtain the percentage
[tex]0.16(100)= 16\%[/tex]
Therefore, the interest rate is 16%
