Simple interest loan for $1000. Paid back after 30days with interest?
1 Answer
You have paid an interest of $312.23$ for 1 month. The monthly interest rate is
\[\frac{312.23}{1000}=0.31223=31.223 \%.\]
The yearly interest rate is
\[r=12 \times 0.31223=3.74676=374.676 \%.\]
Savionf
573
Join Matchmaticians Affiliate Marketing
Program to earn up to a 50% commission on every question that your affiliated users ask or answer.
- 1 Answer
- 221 views
- Pro Bono
Related Questions
- Algebra Word Problem 1
- Finding the probability that a roughly normal distributed will have the highest value among multiple curves
- Exponentil bacteria growth
- real analysis
- Find a number for 𝛼 so f(x) is a valid probability density function
- Statistics for argumentative data and politics
- How do we take the mean of a mathematical function using statistics?
- What does it mean for regression to only be normally distributed in the vertical direction and correlation to be normally distributed in horizontal and vertical directions?
30 days or 30 years?
30 Days, a short term loan