mmblanchette mmblanchette

07-06-2020
Mathematics

contestada

A loan company charges $30 interest
for a one month loan of $500. Find the annual interest they are charging

Respuesta :

Charmber06 Charmber06

09-06-2020

Answer:

0.72%

Step-by-step explanation:

Finding what percentage is $30 of $500:

30/500 x 100 = 6

So, it is 5% per month.

Converting it to annual:

6% x 12 = 0.72%

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