Simple interest loan for $1000. Paid back after 30days with interest?
2 Answers
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
To find the simple interest rate, we can use the simple interest formula:
I = Prt
Where:
I = interest
P = principal
r = annual interest rate (in decimal)
t = time in years
Step 1: Find the interest earned
I = 1312.33-1000 = 312.33
Step 2: Use the formula to solve for r
Since time is 30 days, we convert it to years:
t = 30/365
Plugging it into the formula:
312.33 = 1000(r)(30/365)
312.33 = 1000(r)(0.08219178082)
312.33 = 82.19178082r
r = 312.33/82.19178082
r = 3.800015
r = 380.00%
Join Matchmaticians Affiliate Marketing
Program to earn up to a 50% commission on every question that your affiliated users ask or answer.
- 2 Answers
- 354 views
- Pro Bono
Related Questions
- reading the output of a r regression analysis
- Prove that $p_B :\prod_{\alpha \in A} X_\alpha \to \prod_{\alpha \in B} X_\alpha$ is a continuous map
- Find $\lim\limits _{n\rightarrow \infty} n^2 \prod\limits_{k=1}^{n} (\frac{1}{k^2}+\frac{1}{n^2})^{\frac{1}{n}}$
- How do we take the mean of a mathematical function using statistics?
- Correlation of Normal Random Variables
- Prove the following limits of a sequence of sets?
- Statistics problem
- Assume there is no $x ∈ R$ such that $f(x) = f'(x) = 0$. Show that $$S =\{x: 0≤x≤1,f(x)=0\}$$ is finite.
30 days or 30 years?
30 Days, a short term loan