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Thread: Help finding interest rate, please help

  1. #1

    Help finding interest rate, please help

    The problem is:

    If you paid $30 to a loan company for the use of $1000 for 60 days, what annual rate of interest did they change?

  2. #2
    Elite Member
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    Feb 2004
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    Ottawa, Ontario
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    Re: Help finding interest rate, please help

    Extend that to the interest over 360 days...then calculate the rate.
    I'm just an imagination of your figment !

  3. #3

    Re: Help finding interest rate, please help

    Extend it to 360 days, does that mean i divide 360 by 60? Which is 6. Then multiply 6 by 1000 to get 6 thousand? Am I on any certain track?

  4. #4

    Re: Help finding interest rate, please help

    Please help ive had 3 surgeries in the last month and ive missed a lot of class because of it i had my jaw re-aligned and an infected pilonidal cyst removed im trying so hard to catch up but i dont understand and i have a test tomorrow

  5. #5
    Elite Member
    Join Date
    Jun 2007
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    12,831

    Re: Help finding interest rate, please help

    Quote Originally Posted by Mattdawson75
    Extend it to 360 days, does that mean i divide 360 by 60?

    No - that means - you know interest for 60 days ($30) - calculate the interest to be paid for 360 (6 * 60) days (= 6* $30 = $180).

    Now that is the interest for $1000 - what will be the interest for $100?



    Which is 6. Then multiply 6 by 1000 to get 6 thousand? Am I on any certain track?
    “... mathematics is only the art of saying the same thing in different words” - B. Russell

  6. #6

    Re: Help finding interest rate, please help

    Thank you both for your help!! I'm gonna keep trying!!

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