Answer:
she loaned 750 dollars.
it took her 9 months to repay it.
it was 275 days since she took out the loan.
the interest rate was 47% per year compounded daily.
the daily interest rate would be 47% / 365 / 100 = .0012876712 per day.
this assumes 365 days in a year, which is the standard assumption that i know of.
the future value of 750 for 275 days would be based on the formula of f = p * (1 + r) ^ n
f is the future value
p is the present value
r is the interest rate per time period (days in this case)
n is the number of time periods (days in this case).
the formula becomes:
f = 750 * (1 + .0012876712) ^ 275
solve for f to get:
f = 1068.440089.
that's the future value of the loan.
it's what she owes.
the interest rate on the loan is that value minus 750 = 318.440089.
that's how much extra she needs to pay in addition to whatever fees she was charged.
