math
Your bank will lend you $3,200 for 30 days at a cost of $38 interest.
a. What is your annual rate of interest? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.)
Annual rate of interest %
b. What is your effective annual rate? (Use 365 days in a year. Do not round intermediate calculations. Round the final answer to 2 decimal places.)
Effective annual rate
Homework Answers
| P= | 3200 | ||||
| N= | 30 days | ||||
| Interest= | 38 | ||||
| Annual Interest=($38*365/30) | 1140 | ||||
| Annual rate of Interest=(Annual Interest/Principal)= | 35.63% | ||||
| Or | |||||
| Interest=Principal*rate*Time | |||||
| 1140=$3200*i*1 | |||||
| i=(1140/3200) | 35.63% | ||||
| Effective Rate of Interest=(Interest/Principal)*(Days per year/Days loan is outstanding)=($38/3200)*(365/30) | 14.45% | ||||
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