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

Question

asked Sep 28, 2021 204k views

1 Answer

Erc · Answer 1 · 2021-10-02T12:52:06+0000

Answer:

$360

Explanation:

If the company charges $30 for $500 in one month.

The interest they will be changing for a year = 30*12 = $360 interest.

It's just simple, multipling the the interest value by 12 to get it's annual interest value.