Question
You lend your friend $240. He gives you back $270. What interest rate did you charge your friend?
Answers
GPT 3.5
To determine the interest rate charged, we need to find the difference between the amount repaid and the amount lent.
$270 - $240 = $30
The interest charged is $30.
Next, we need to find the percentage of the interest charged out of the original amount lent:
($30 / $240) x 100 = 12.5%
Therefore, the interest rate charged to the friend is 12.5%.
$270 - $240 = $30
The interest charged is $30.
Next, we need to find the percentage of the interest charged out of the original amount lent:
($30 / $240) x 100 = 12.5%
Therefore, the interest rate charged to the friend is 12.5%.