Ask Question
18 January, 03:11

A payday loan store charges $40 for a one month loan of $600. What's the annual interest rate equivalent to?

+2
Answers (1)
  1. 18 January, 03:38
    0
    80%

    Step-by-step explanation:

    rate=100*Interest / principal * time

    Interest = 40

    principal = 600

    time = 1 month=1/12

    100%*$40*12/$600*1=80%
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A payday loan store charges $40 for a one month loan of $600. What's the annual interest rate equivalent to? ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers