A payday lender charges $60 for a loan of $500 for 15 days. Find the annual interest
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A payday lender charges $60 for a loan of $500 for 15 days. Find the annual interest rate. (Use a 360-day year.)
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To find the annual interest rate we need to convert the 60 fee to an annual rate First we fi...View the full answer
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Related Book For
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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