Ask Question
20 October, 13:54

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

+3
Answers (1)
  1. 20 October, 14:23
    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 you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers