For this example we have that the annual rate of interest for a $2,267 RAL which is paid back in 29 days
We will use the next formula
Where I is the interest, P is the principal , r is the annual simple interest rate, t is time, in our case
P= 2267
t= 29/ 360
I=89
we substitute the values
Then we isolate the r
In percentage the rate is
The annual rate of interest for this loan is 48.735%