SOLUTION: A payday loan store charges $45 for a one-month loan of $600. What annual interest rate is this equivalent to?

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Question 1109891: A payday loan store charges $45 for a one-month loan of $600. What annual interest rate is this equivalent to?
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
45=600*(1+r/12)
(1+r/12)=1.075
r/12=0.075
r=0.9 or 90%