The problem is
If you paid $30 to a loan company for the use of $1000 for 60 days, what annual rate of interest did they charge you?
I started out the problem 30(1+60/360)/1000 but all i got was .035 I know this isnt the right anwser.
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interest = $30
Principal P = $1000
Let interest rate = r % annually.
time, t = 60 days year.
Interest = Prt
r = 18.25% annually
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