The Payday loan Company lends you $500. After 2 weeks you pay back $520. What is the simple interest rate? Note that the time is a fraction of a year
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The interest earned is the difference between the amount paid back and the original loan amount: Interest = $520 - $500 = $20 Show more…
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Solve each problem. The Payday Loan Company lends you S500. After 2 weeks you pay back $\$ 520 .$ What is the simple interest rate? Note that the time is a fraction of a year.
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