document.write( "Question 1063253: Suppose you pay back $510 on a $500 loan. You had the loan for 45 days. What was your simple annual interest rate? \n" ); document.write( "

Algebra.Com's Answer #678386 by MathTherapy(10552) $\"\"$ $\"About$

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Suppose you pay back $510 on a $500 loan. You had the loan for 45 days. What was your simple annual interest rate?
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SI = PTR
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document.write( "Note that number of days used for these types of calculations is 360, not 365 like most people think
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document.write( "500R = 80 ------- Cross-multiplying
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document.write( "R, or annual interest rate is:  \n" );
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