PLEASE HELPPPPPPBobby took out a single loan for $500 and paid a $50 fee. His loan is due in 1 week. Find the effective interest rate on the loan Bobby took out. Round the answer to one decimal place.

asked Aug 21, 2021 27.3k views

2 votes

9.1k points

Please log in or register to add a comment.

6 votes

Answer:

He took a loan of $500 and paid a fee of $50 on the loan. This means that #500 divided by $50 =10%

Realh answered Aug 25, 2021

by Realh

8.6k points

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

9.5m questions

12.2m answers