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

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

User TraneHead
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1 Answer

5 votes

Answer:

12

Explanation:

User Gavin Simpson
by
7.9k points
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