Asked by Victoria

A loan company charges $20 interest for a two-month loan of $325. Find the annual interest rate (APR) they are charging.

Round your answer to the nearest tenth of a percent.
Answered by Henry
I = Po*r*t = $20.
325*(r/12)*2 = 20.
325*r/6 = 20.
325r = 120.
r = 0.369 = 36.9% APR.
Answered by James
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