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? Found 2 solutions by ankor@dixie-net.com, MathTherapy:Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! Suppose you pay back $510 on a $500 loan.
You had the loan for 45 days.
What was your simple annual interest rate?
:
You paid $10 in interest = .02; 2% for 45 days
Find the annual rate * 2 = 16.2%
You can put this solution on YOUR website! Suppose you pay back $510 on a $500 loan. You had the loan for 45 days. What was your simple annual interest rate?
SI = PTR
Note that number of days used for these types of calculations is 360, not 365 like most people think
500R = 80 ------- Cross-multiplying
R, or annual interest rate is:
