A payday loan store charges $45 for a one-month loan of $540. What annual interest rate is this equivalent to?

Peter Hanley asked Jun 28, 2022

452,622 views

41 votes

Peter Hanley asked Jun 28, 2022

2.7k points

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

14 votes

12 multiply by $45. Or divide $45 into $540 = 12

PinkRhino answered Jul 3, 2022

2.7k points

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers