A payday loan company offers a one month loan of $500 for a fee of $15. Find the equivalent simple annual interest rate. The simple annual interest rate is ____%. Round your answer to two decimal places.
Added by Jacqueline R.
Step 1
- Simple interest = Fee / Principal - Simple interest = $15 / $500 - Simple interest = 0.03 Show more…
Show all steps
Close
Your feedback will help us improve your experience
Victor Salazar and 81 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
A payday loan company offers a one month loan of $400 for a fee of $20. Find the equivalent simple annual interest rate. The sinple annual interest rate is ----% Round your answer to two decimal places.
Chareen G.
A payday loan store charges $50 for a one-month loan of $180. What annual interest rate is this equivalent to?
Adi S.
Find the maturity value and the amount of simple interest earned. If $\$ 1500$ earned simple interest of $\$ 56.25$ in 6 months, what was the simple interest rate?
Mathematics of Finance
Simple and Compound Interest
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD