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12 December, 16:56

A payday loan store charges $40 for a one month loan of $600. What's the annual interest rate equivalent to?

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  1. 12 December, 20:33
    0
    80%

    Step-by-step explanation:

    rate=100*Interest / principal * time

    Interest = 40

    principal = 600

    time = 1 month=1/12

    100%*$40*12/$600*1=80%
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