Which will have a higher effective interest rate a payday loan for 2300 due in 15 days with a fee of 120 or a payday loan for 2300 due in 13 days with a fee of 120?

To determine the effective interest rate, you can calculate the fee as a percentage of the loan amount and annualize it based on the loan duration. For the first loan, the fee of $120 on a $2300 loan over 15 days results in a higher effective interest rate compared to the second loan with the same fee but a shorter duration of 13 days. Since the second loan has a shorter repayment period, it will yield a higher effective interest rate when annualized. Therefore, the payday loan due in 13 days will have a higher effective interest rate.