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- anonymous

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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- anonymous

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- jackthegreatest

is the $15 the interest?

- jackthegreatest

if it is u can set up a proportion

- anonymous

I believe so

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- jackthegreatest

ok ur proportion is:
15/x = 10/100

- jackthegreatest

10x=1500
x = 150

- jackthegreatest

does that help?

- jackthegreatest

- anonymous

Yes. thank you

- jackthegreatest

welcome : )

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