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R is % interest PER YEAR P= Principal, =500 I=Interest, in $. (520-500)=20 t=time Mississippi YEARS 2 weeks=2/52=0.03846 years r=20/500(0.03846) r=20/19.23 r=1.04 To get r as a per cent, multiply by 100 r=1.04 X 100=104%
For Credit and finance solutions I visit this site where you can find all the solutions. :The Payday Loan company lends you $500. After 2 weeks you pay back $520. What is the simple interest rate? I know the formula is r = I/Pt and the answer is 104% ..... how do i get to that answer? Follow