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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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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Question Posted: Mar 22, 2022 12:32 AM

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A payday lender charges $60 for a loan of $500 for 15 days. Find the annual interest

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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

College Mathematics For Business Economics, Life Sciences, And Social Sciences

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