Question

Payday loans are a type of loan where you can get money for a future paycheck, typically two weeks in advance. A typical payday loan service might charge $15 for a loan against a paycheck you will receive in two weeks. The interest rate is 10% of the paycheck over that two-week period. Given this information, which variables in the interest formula are known? Develop a formula that will solve for the unknown variable.

Answer 1

is the $15 the interest?

Answer 2

if it is u can set up a proportion

Answer 3

I believe so

Answer 4

ok ur proportion is:
15/x = 10/100

Answer 5

10x=1500
x = 150

Answer 6

does that help?

Answer 7

@cooperlaine

Answer 8

Yes. thank you

Answer 9

welcome : )