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OpenStudy (anonymous):
Shelly took out a payday loan for $750 due in 4 weeks that charged a $90 fee. What is the periodic interest rate of the loan?
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OpenStudy (lstrasmann):
\[I = Prt\]
OpenStudy (anonymous):
I dont get what goes where into the eequation
OpenStudy (lstrasmann):
\[840 = 750 \times r \times .083\]That should be the right equation, if they are talking about monthly interest.
OpenStudy (lstrasmann):
Solve for r
OpenStudy (anonymous):
It has to be 48% 156% 624% or 12% and I didnt get any of those from doing it that way
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OpenStudy (anonymous):
thank you :D that helped
OpenStudy (lstrasmann):
yep, google can be your best friend
OpenStudy (anonymous):
Apex: 12%
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