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blsea [12.9K]
2 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?
Mathematics
1 answer:
Naily [24]2 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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