Question
Lane French had a bad credit rating and went to a local cash center. He took out a $103 loan payable in five weeks at $123.
What is the percent of interest paid on this loan? Do not round denominator before dividing. (Use calendar year. Round your answer to 2 decimal places. Omit the "%" sign in your response.)
What is the percent of interest paid on this loan? Do not round denominator before dividing. (Use calendar year. Round your answer to 2 decimal places. Omit the "%" sign in your response.)