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?

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

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?

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

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?

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

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