We then multiply this by the interest rate for two weeks of 23 to get a simple annual percentage rate of 599. 64 percent. Lets see another example: Lets say you were borrowing 200 with a cost of borrowing of forty-four dollars and youre only borrowing for 10 days.
The rate for the period is forty-four dollars divided by two hundred dollars or 22-percent. The period is 10 days. To figure out the simple annual percentage rate, we need to multiply 22 percent per ten days by the number of ten day periods in a year, which is given by 365 days divided by ten days or 36. Now, we simply take twenty two percent and multiply by 36.
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