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A payday loan store charges $45 for a one-month loan of $540. What annual interest rate is this equivalent to?

A payday loan store charges $45 for a one-month loan of $540. What annual interest rate is this equivalent to?
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A payday loan store charges $45 for a one-month loan of $540. What annual interest rate is this equivalent to?

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User Bigonazzi
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1 Answer

7 votes
12 multiply by $45. Or divide $45 into $540 = 12
answered
User Konstantin Likhter
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