The PayDay loan company lends you $500. After 2 weeks pay you pay back $520. What is the simple interest rate? Note that the times is a fraction of a year.

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Fenikso asked Feb 10, 2023

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The PayDay loan company lends you $500. After 2 weeks pay you pay back $520. What is the simple interest rate? Note that the times is a fraction of a year.

Mathematics
high-school

Fenikso asked Feb 10, 2023

by Fenikso

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Answer:

Explanation:

• Loan Amount = $500

• Time = 2 weeks

• The amount paid pack = $520

We want to determine the simple interest rate.

First, find the amount paid as interest:

Scott Bellware answered Feb 17, 2023

by Scott Bellware

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