I understand how to use A=P(1+rt) and also the compound interest formula, but I have been stuck on this problem for 2 days and dont know how to put it in the formula. Im pretty sure you have to use the A=P(1+rt) formula, but i do not know what are the variables from this problem
The problem is:
If you paid $34 to a loan company for the use of $1606 for 98 days, what annual rate of interest did they charge? (Assuming a 360 day year.)
How do i do this problem?