<PRE><B>Question 1181742</B>
Suppose you pay back $620 on a $600 loan. You had the loan for 75 days. 
What was your simple annual interest rate?
Using I = Prt formula, where
I = 620-600 = $20
P = 600
t = {{{75/365}}} yr
r = annual interest rate
:
600 *{{{75/360}}}*r= 20
123.2876r = 20
r = {{{20/123.2876}}}
r = .1622 or 16.22% interest
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