A payday loan company charges a $90 fee for a $500 payday loan that will be repaid in 16 days. Treating the fee as interest paid, what is the equivalent annual interest rate?

Kindly check explanation

Step-by-step explanation:

Given :

Interest amount paid on loan = $90

Principal value, amount borrowed = $500

Period, t = 16 days

The equivalent annual interest :

Using the simple interest formula :

simple interest = principal * rate * time

Using, days of year = 365

Plugging in the values into the formula :

90 = 500 * rate * (16/365)

90 = 500 * rate * 0.0438356

90 = 21.917808 * rate

Rate = 90 / 21.917808

Rate = 4.10 = 4.10 * 100% = 410%

If days of year = 360 is used :

90 = 500 * rate * (16/360)

Rate = 90 / 22.222

Rate = 4.05 = 4.105 * 100% = 405%:

there are lots of ways.   pick's theorem tells us if the vertices are lattice points the area a is

a = b/2 + i - 1

where b is the number of boundary lattice points and i is the number of interior lattice points.

in the figure i count b=16, i=50 so

a = 8 + 50 - 1 = 57

let's try the shoelace formula.   the area is half the sum of the cross products of the sides.  

a(-2,6)   -2(2)-6(-5) = 26

b(-5,2)   -5(-3) - 2(-2) = 19

c(-2,-3) -2(-3) - (-3)(4) = 18

d(4,-3)   4(3) - (-3)(5) = 27

e(5,3)   5(3) - 3(1) = 12

f(1,3)     1(6) - 3(-2) = 12

a(-2,6)

each of the cross products is twice the area of the triangle with the associated side and one vertex the origin. so the area of abo=26/2=13.

area = (1/2) (26 + 19 +   18 + 27 + 12 + 12) = 57

that checks!

1. 8

2. 9

3. 20

4. 3

5. 17

6. 2.2

7. 11.25

8. 1

9. 14

10. 2

step-by-step explanation:

thats the first half