millert838 millert838

23-02-2020
Mathematics

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A payday loan store charges $20 for a one-month loan of $600. What annual interest rate is this equivalent to?

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sqdancefan sqdancefan

23-02-2020

Answer:

40%

Step-by-step explanation:

The charge for 12 months would be $20 × 12 = $240, so the annual rate is ...

$240/$600 × 100% = 40% . . . . equivalent annual rate

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