Leif took out a payday loan with an effective interest rate of 26,600%. If he has $180 to invest for a year at this interest rat
e, how much would he make in interest?
2 answers:
Answer: $47,880
Step-by-step explanation:
APEX
Answer:
Leif makes $47880 in interest.
Step-by-step explanation:
Given: Interest rate (r) = 26,100%
r =
Principle (p) = $180
time (t) = 1
Now we have to find the simple interest. The simple interest formula is I=prt
Plugging in the given values, we get
I = 180×266×1
I = $47880
So Leif makes $47880 in interest.
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