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Now consider a different situation. Payday loans are a type of loan where you can get money for a future paycheck, typically two weeks in
Now consider a different situation. 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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Payday Loan Interest Formula and Known Variables In a typical interest formula I P R T we know the f...
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