SOLUTION: I could really use some help with this High Interest Rate problem. Eddie wrote a $280 check to a check holding company, which gave him $260 in cash. After two weeks the company wi

Question 164813: I could really use some help with this High Interest Rate problem.
Eddie wrote a $280 check to a check holding company, which gave him $260 in cash. After two weeks the company will cash his $280 check. Find the annual simple intrest rate for this loan. Note that the time is a fraction of a year.
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
Eddie wrote a $280 check to a check holding company, which gave him $260 in
cash. After two weeks the company will cash his $280 check. Find the annual
simple interest rate for this loan. Note that the time is a fraction of a year.
:
Find the it using $20 interest as if it were for 1 year
= .07769 or 7.769%
:
But that is for just two weeks, 26 two week periods in 1 year would cost
26 * 7.769 = 200% interest
:
The sad thing is, this is typical of these quick cash loan establishments.
:

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