SOLUTION: A loan company charges $10 interest for a one month loan of $250. Find the annual interest rate they are charging (Do not type the % sign)

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Question 1153144: A loan company charges $10 interest for a one month loan of $250. Find the annual interest rate they are charging (Do not type the % sign)
Answer by greenestamps(13203) About Me  (Show Source):
You can put this solution on YOUR website!


$10 interest for 1 month --> $120 interest for 1 year.

interest rate = 120/250 = 0.48 = 48%