SOLUTION: If I pay $3000 interest on a $46000 loan for 20 days,what is my interest rate?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: If I pay $3000 interest on a $46000 loan for 20 days,what is my interest rate?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 719740: If I pay $3000 interest on a $46000 loan for 20 days,what is my interest rate?
Answer by lynnlo(4176) About Me  (Show Source):
You can put this solution on YOUR website!
PRINCIPAL==========$46,000.00
RATE===============3000
3000/100=30
TIME INVOLVED==========20YEARS
MULTIPLY====46000 X 30 X 20
$27,600,000.00