Answer:
Simple Interest:
1.)A loan company charges $30 interest for a one month of $500.Since,the time was monthly,0.06 0r 6% is the monthly interest.The annual rate would be 12 times this:72% interest.
2.)A friend asks to borrow $300 and agrees to repay it in 30 days with 3% interest.Since,the time is 30 days,the annual rate would be 9% interest.
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