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17 May, 01:08

Bobby took out a single loan for $500 and paid a $50Bobby 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. 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.

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  1. 17 May, 02:49
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    10.0% is the effective interest rate on the loan of $500 taken for a week

    Step-by-step explanation:

    Effective interest on the single loan that Bobby took out is the actual interest paid, the fee compared to the amount of loan taken out,

    Effective interest = fee/loan amount

    fee paid is $50

    the loan amount is $500

    effective interest on loan = $50/$500=10.0%

    The actual interest rate paid on the one week loan amount rounded to one decimal place is 10.0%
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Home » Mathematics » Bobby took out a single loan for $500 and paid a $50Bobby 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. Fee.
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