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PLEASE HELPPPPPPBobby took out a single loan for $500 and paid a $50 fee. His loan is due in 1 week. Find the effective interest rate on the loan Bobby took out. Round the answe…

PLEASE HELPPPPPPBobby took out a single loan for $500 and paid a $50 fee. His loan is due in 1 week. Find the effective interest rate on the loan Bobby took out. Round the answe…
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PLEASE HELPPPPPPBobby took out a single loan for $500 and paid a $50 fee. His loan is due in 1 week. Find the effective interest rate on the loan Bobby took out. Round the answer to one decimal place.

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User Nelini
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9.1k points

1 Answer

6 votes

Answer:

He took a loan of $500 and paid a fee of $50 on the loan. This means that #500 divided by $50 =10%

answered
User Realh
by
8.6k points
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