ashleybland23 ashleybland23

09-06-2020
Mathematics

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

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Chimerezeeluchie Chimerezeeluchie

09-06-2020

Answer:

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%

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