SOLUTION: i borrowed 500.00, then paid back 525.00 in 30 days. what's the interest?

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Question 424006: i borrowed 500.00, then paid back 525.00 in 30 days. what's the interest?
Answer by robertb(4012) About Me  (Show Source):
You can put this solution on YOUR website!
The interest is 25.00. Time is 1/12 of a year.
==> 25+=+%28500%29r%281%2F12%29
==> r+=+300%2F500+=+0.60.
The interest rate is 60%.