millert838 millert838
  • 23-02-2020
  • Mathematics
contestada

A payday loan store charges $20 for a one-month loan of $600. What annual interest rate is this equivalent to?

Respuesta :

sqdancefan
sqdancefan sqdancefan
  • 23-02-2020

Answer:

  40%

Step-by-step explanation:

The charge for 12 months would be $20 × 12 = $240, so the annual rate is ...

  $240/$600 × 100% = 40% . . . . equivalent annual rate

Answer Link

Otras preguntas

use selective breeding and natural selection in the same sentence
Polymerization reactions in which polysaccharides are synthesized from monosaccharides or proteins are synthesized from amino acids: A.result in the formation o
One that exercises supreme authority within a land is considered ____________.
Is line l parrellel to line m Explain
during the enlightenment era what did both ancients and moderns believe was a dependable guide to human thinking
The general purpose of advertising is?
What is the approximate volume of the cone Height is 6 cm and the radius is 9 cm
why do people emigrate from central america to the united states
How did the gold rush affect the population of California?
Which personal pronoun agrees with the antecedent in this sentence? Nobody who went on this camping trip will ever feel the same about sleeping in __________ o