If you paid $82 to a loan company for the use of $1,686 for 78 days,what...

If you paid $82 to a loan company for the use of $1,686 for 78 days,what annual rate of interest did they charge?(Assume a 360-day year.)

Expert Solution

Interest paid=Principal*Interest rate*Time period

82=1686*Interest rate*(78/360)

82=Interest rate*365.3

Interest rate=82/365.3

=22.45%(Approx)

jeff jeffy answered 2 years ago

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