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
455
Join Matchmaticians Affiliate Marketing
Program to earn up to 50% commission on every question your affiliated users ask or answer.
- 1 Answer
- 90 views
- Pro Bono
Related Questions
- Product of Numbers from a Log Normal Distribution
- How old is the wise man?
- Is it true almost all Lebesgue measurable functions are non-integrable?
- Operations research
- Algebra 1 Word Problem #3
- A miner trapped in a mine
- Show that $\int_0^{\frac{\pi}{2}}\frac{ x}{ \tan x}dx=\frac{\pi}{2} \ln 2$
- Algebra Word Problem 1
30 days or 30 years?
30 Days, a short term loan