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anonymous

  • one year ago

Payday loans are a type of loan where you can get money for a future paycheck, typically two weeks in advance. A typical payday loan service might charge $15 for a loan against a paycheck you will receive in two weeks. The interest rate is 10% of the paycheck over that two-week period. Given this information, which variables in the interest formula are known? Develop a formula that will solve for the unknown variable.

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  1. jackthegreatest
    • one year ago
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    is the $15 the interest?

  2. jackthegreatest
    • one year ago
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    if it is u can set up a proportion

  3. anonymous
    • one year ago
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    I believe so

  4. jackthegreatest
    • one year ago
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    ok ur proportion is: 15/x = 10/100

  5. jackthegreatest
    • one year ago
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    10x=1500 x = 150

  6. jackthegreatest
    • one year ago
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    does that help?

  7. jackthegreatest
    • one year ago
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    @cooperlaine

  8. anonymous
    • one year ago
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    Yes. thank you

  9. jackthegreatest
    • one year ago
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    welcome : )

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