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
\[r=12 \times 0.31223=3.74676=374.676 \%.\]
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30 days or 30 years?
30 Days, a short term loan