A pawnshop will lend $1,500 for 45 days at a cost of $30 interest. What is...
A pawnshop will lend $1,500 for 45 days at a cost of $30
interest.
What is the effective rate of interest? (Use a 360-day
year. Do not round intermediate calculations. Input your answer as
a percent rounded to 2 decimal places.)
Homework Answers
Effective rate of interest = (Interest / Principal) × (Days in the year / Days loan is outstanding)
Effective rate of interest = ($30 / $1,500) × (360 / 45)
Effective rate of interest = 0.16 or 16%
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