Larry came up a little short one month at bill paying time and had to take out a title loan on his car at Check Casher's, Inc. He borrowed $260, and 3 weeks later he paid off the note for $297.50. What was the annual simple interest rate on this title loan?

The interest is: I=$297.50−$260=$37.50 Substitute P=$260 and t=352 (3 weeks out of 52 weeks in a year) the solve for r: $37.50=$260(r)⋅352 Divide both sides by $260: 37.50260=(352)r Multiply both sides by 523: (37.50260)⋅(523)=r 2.5=r In percentage, r=250%

Question: "Larry came up a little short one month..."

High School
Algebra
Pre-Algebra
Ratios, rates, proportions

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Answered question

2021-03-05

Larry came up a little short one month at bill paying time and had to take out a title loan on his car at Check Casher's, Inc. He borrowed $260, and 3 weeks later he paid off the note for $297.50. What was the annual simple interest rate on this title loan?

Answer & Explanation

faldduE

Skilled2021-03-06Added 109 answers

The interest is:

I = $ 297.50 - $ 260 = $ 37.50

Substitute P=$260 and

t = \frac{3}{52}

(3 weeks out of 52 weeks in a year) the solve for r:

$ 37.50 = $ 260 (r) \cdot \frac{3}{52}

Divide both sides by $260:

\frac{37.50}{260} = (\frac{3}{52}) r

Multiply both sides by

\frac{52}{3} :

(\frac{37.50}{260}) \cdot (\frac{52}{3}) = r

2.5=r
In percentage, r=250%

Jeffrey Jordon

Expert2021-08-10Added 2605 answers

Answer is given below

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