SOLUTION: A loan company charges $20 interest for a two-month loan of $325. Find the annual interest rate (APR) they are charging.
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Question 1014534: A loan company charges $20 interest for a two-month loan of $325. Find the annual interest rate (APR) they are charging.
Found 2 solutions by Boreal, MathTherapy:
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
$20 on $325 is =0.0615
That is 1/6 of a year
1.0615^6 (do without rounding, however)
1.4309=43% APR. (43.1% if nearest tenth of a per cent).
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
A loan company charges $20 interest for a two-month loan of $325. Find the annual interest rate (APR) they are charging.
APR:
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