simmy6
23.07.2021 •
Mathematics
A payday loan store charges $25 for a one-month loan of $600. What annual interest rate is this equivalent to?
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Ответ:
50%
Step-by-step explanation:
1. determine the monthly interest rate
monthly interest rate = interest / loan amount
monthly interest = 25 / 600 = 4.17%
2, multiply the monthly interest rate by 12 to determine the annual interest rate
Annual interest = 4.17 x 12 = 0.5 = 50%
Ответ:
need points
Step-by-step explanation:
sorry