SOLUTION: Math problem: If you paid $90 to a loan company for the use of $1,571 for 58 days, what annual rate of interest did they charge. (assume a 360-day year)

SOLUTION: Math problem: If you paid $90 to a loan company for the use of $1,571 for 58 days, what annual rate of interest did they charge. (assume a 360-day year)

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Question 744271: Math problem:
If you paid $90 to a loan company for the use of $1,571 for 58 days, what annual rate of interest did they charge. (assume a 360-day year)
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
90=1571*r*58/360
90=253.10r
90/253.10=r
0.356=35.6%
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