Mathematics, 11.02.2020 17:22 Hruai
The maturity value of a 50-day loan of $550 is $560. What is the annual simple interest rate (in percent) on this loan? Round to the nearest tenth of a percent. Use 360 days in 1 year.
Answers: 3
![\[\frac{50}{360}\]](/tpl/images/0506/6094/3179e.png)
years![\[\frac{Principal * R * Time}{100}\]](/tpl/images/0506/6094/69dc9.png)
![\[10 = \frac{550 * R * 50/360}{100}\]](/tpl/images/0506/6094/b6cc7.png)
![\[= R = \frac{10*100*360}{550*50}\]](/tpl/images/0506/6094/dac73.png)
![\[= R = 13.1%\]](/tpl/images/0506/6094/867d1.png)
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The maturity value of a 50-day loan of $550 is $560. What is the annual simple interest rate (in per...
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