Respuesta :
Finding what percentage is $30 of $600:
[tex] \frac{30}{600} \times100=5\%[/tex]
So, it is 5% per month.
Converting it to annual:
[tex]5\%\times 12=60\%[/tex]
[tex] \frac{30}{600} \times100=5\%[/tex]
So, it is 5% per month.
Converting it to annual:
[tex]5\%\times 12=60\%[/tex]
Based on the information given the annual interest rate is this equivalent to 60%.
Given:
Charges=$30
Loan=$600
Let r represent the interest rate
Hence,
r/12=$30/$600
r/12=0.05
r=0.05×12
r=0.6×100
r= 60%
Inconclusion the annual interest rate is this equivalent to 60%.
Learn more about interest rate here:https://brainly.com/question/25720319