Mathematics

Question

Tess took out a payday loan with an effective interest rate of 34,700%. If she had $240 to invest for a year at this interest rate, how much would she make in interest?

A. $8328
B. $83,280
C. $8,328,000
D. $832,800

2 Answer

  • 83, 280 is the correct answer to your question hope this helps

  • Tess invests $240 and an effective interest rate is : 34,700%.
    If we want to calculate the interest we have to multiply $240 by 347.
    ( 34,700% = 347 * 100 % ):
    $240 * 347 = $83,280
    Answer:
    B. $83,280

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