A loan company charges $30 interest for a one month loan of $500. Find the annual interest they are charging

Mathematics

1 answer:

xz_007 [3.2K]3 years ago

4 0

Answer:

$360

Step-by-step explanation:

If the company charges $30 for $500 in one month.

The interest they will be changing for a year = 30*12 = $360 interest.

It's just simple, multipling the the interest value by 12 to get it's annual interest value.

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