Question
lane french had a bad credit rating and went to a local cash center. he took out a $119 loan payable in five weeks at $129. what is the percent of interest paid on this loan?
Answers
MathMate
Interest = $129-119=$10
Principal = $119
Period = 5 weeks
Interest rate
=(10/119)*(52 weeks/5 weeks)
=87.4%
Principal = $119
Period = 5 weeks
Interest rate
=(10/119)*(52 weeks/5 weeks)
=87.4%