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3 years ago

6

A payday loan company charges a $35 fee for a $350 payday loan that will be repaid in 19 days. Treating the fee as interest paid

, what is the equivalent annual interest rate?

1 answer:

Naily [24]3 years ago

6 0

Answer:

192.1%

Step-by-step explanation:

The formula for the amount of interest is ...

i = Prt . . . . . where i is the interest amount, P is the principal, r is the annual rate, and t is the number of years. (Here, we have a fraction of a year.)

Solving for the rate, we have ...

r = i/(Pt)

For "exact" interest, we use 365 days in the year. So, for a time of 19 days of 365, the interest rate is ...

r = $35/($350·19/365) ≈ 1.921 = 192.1%

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If anyone could solve this question for me while showing the steps. It would be GREATLY appreciated

Blizzard [7]

this is a very annoying problem, with lots of steps. it is on a next level of dragging on and on

Step-by-step explanation:

You can split this into different shapes. A triangle, a rectangle, and a void of a quarter circle. The total area is rectangle+triangle-quarter circle.

We find the second side of the triangle by doing 65-48=17

We then use the pythagorean theorem to find the third length. This is about 49.1426.

We can then use whatever method you'd like for finding the area of the triangle. it turns out to be about 417.7125

Next, we find the rectangle, easy enough, 49.1426*48=2358.8448

which seems a bit scuffed until you realize that the diagram itself is scuffed as well. Great, quarter circle next

16*16*pi/4=201.0619

Alright, now to combine it to find the area.

417.7125+2358.8448-201.0619=2575.4954

great, now let's find the perimeter, simple enough. Curved perimeter+straight perimeter-that one corner in the bottom right

52+48+49.1426+65-32+25.1327=207.2753

and now we convert to meters

207.2753feet=63.1775meters

We are almost done! Now let's find the cost.

Fencing first:

63.1775*8.50=537.01

Then the cement

2575.4954*5.50=14165.2247

Then we add it up and apply tax:

537.01+14165.2247=14702.2347

14702.23*1.13=$<u><em>16613.53</em></u>

if you find anything wrong message me, I may have made errors because its 10pm and i need sleep. I recommend you work through my steps on your own as well. There might be complications with rounding as well, so yea. Hope this helps!

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2 years ago

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Nimfa-mama [501]

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Try it is a great site that you can plug problems in to for the answers! I hope this is helpful!!

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