What is the interest rate for this simple loan?
Suppose that a relative loans you $ 1,000 today under the condition that you give her one payment of $ 1,120 at the end of the year. What is the interest rate for this simple loan?
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Answer by SDD
It's (120/1000)*(365/31) which is an annual rate of 141%. You're paying $ 120 in interest (12%) for 31 days.
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