A loan shark offers to give you $5,909.00 today, but, in exchange, he wants you to...
A loan shark offers to give you $5,909.00 today, but, in exchange, he wants you to pay him $7,868.00 in one year. What is the rate of interest being charged on the account?
Answer Format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))
Homework Answers
Interest rate can be found as under
FV = PV(1+r)^n
7868 = 5909(1+r)^1
=1.3315 = (1+r)
r = 0.3315
ie 33.15%
Alternatively one can also find Interest rate as follows
Interest rate = 7868-5909/5909
=1959/5909
=33.15%
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