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A payday loan store charges $20 for a one-month loan of $500. What annual interest rate is this equivalent to?
Use the formula I=Prt to solve for r. I is interest charged, P is amount of the loan, r is the annual interest rate as a decimal, and t is time in years
%
Round your answer to one decimal place if necessary.
Use the formula I=Prt to solve for r. I is interest charged, P is amount of the loan, r is the annual interest rate as a decimal, and t is time in years
%
Round your answer to one decimal place if necessary.
Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity
48