SOLUTION: Suppose you pay back $620 on a $600 loan. You had the loan for 75 days. What was your simple annual interest rate?

Question 1181742: Suppose you pay back $620 on a $600 loan. You had the loan for 75 days. What was your simple annual interest rate?
Found 2 solutions by ikleyn, ankor@dixie-net.com:
Answer by ikleyn(52925) (Show Source): You can put this solution on YOUR website!
.

Accepting that the year is 365 days, the simple annual interest rate is = = = = = 0.1622 = 16.22% (rounded). ANSWER

Solved.

Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
Suppose you pay back $620 on a $600 loan. You had the loan for 75 days.
What was your simple annual interest rate?
Using I = Prt formula, where
I = 620-600 = $20
P = 600
t = yr
r = annual interest rate
:
600 **r= 20
123.2876r = 20
r =
r = .1622 or 16.22% interest

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