Assume the following: Rapid cash lends Mr Brown $ 300 for one month.Mr Brown pays them back $ 313.99. The details of the billing are 3% fee for cash advance ie $ 9.00 and a 20.23% APR ie $ 300 * .2023 * 30/ 365 = $ 4.99.
The total itemize charges for the repayment $ 300.00 principal repayment 9.00 Cash advance fee 4.99 Interest for 30 daysTotal $ 313.99
Calculate the APR which Mr Brown paid for the 30 day loan. Comment on whether this loan legally or morally constitutes usury?