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
574
Join Matchmaticians Affiliate Marketing
Program to earn up to a 50% commission on every question that your affiliated users ask or answer.
- 1 Answer
- 266 views
- Pro Bono
Related Questions
- "Estimate of standard error of the proportion"
- applied probability
- Statistics/percentage question
- Statistics problem
- Computing mean, median, inter-quartile range, and standard deviation
- Is it true almost all Lebesgue measurable functions are non-integrable?
- [Real Analysis] Let $a>1$ and $K>0$. Show that there exists $n_0∈N$ such that $a^{n_0}>K$.
- Find conditions for all chips to become of the same color in this game
30 days or 30 years?
30 Days, a short term loan