SOLUTION: Steve was charged $565.00 in interest for 1 month on a $2,150 payday loan. What was the yearly interest rate expressed to the nearest hundredths of a percent

Algebra ->  Test -> SOLUTION: Steve was charged $565.00 in interest for 1 month on a $2,150 payday loan. What was the yearly interest rate expressed to the nearest hundredths of a percent      Log On


   



Question 481678: Steve was charged $565.00 in interest for 1 month on a $2,150 payday loan. What was the yearly interest rate expressed to the nearest hundredths of a percent
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
565/2150=0.26279 per mo
0.26279*12=3.1535=315.35%