Tag: Times

Determine a Simple Interest Rate For a Loan with Known Interest

A friend asks to borrow $500 and offers to pay you $520 in one month. What annual simple interest rate is this equivalent to? We will be solving this problem using the simple interest formula, I equals p times r times t. I is the interest paid. p is the principal, which is the original […]

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Consumer Protection Bureau Cripples New Rules for Payday Loans The New York Times

Consumer Protection Bureau Cripples New Rules for Payday Loans The New York Times Payday lenders won a major victory on Wednesday after the Consumer Financial Protection Bureau moved to gut tougher restrictions that were to take effect later this year. The industry has spent years trying to fend off the new rules, which were conceived […]

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