# Thread: Help finding interest rate, please help

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. ## Re: Help finding interest rate, please help

Extend that to the interest over 360 days...then calculate the rate.

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. ## 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. ## Re: Help finding interest rate, please help

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?

6. ## Re: Help finding interest rate, please help

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

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