Asked by lisa

Lane French had a bad credit rating and went to a local cash center. He took out a $111 loan payable in five weeks at $131.
Answered by Ms. Sue
What is your question?
Answered by Reiny
Cash Centres, the worst of all rip-off places

interest = 131-111 = 20
principal = 111
time = 5/52

rate = interest/(principal x time)
= 20/(111(5/52) ) = 1.874
or <b> 187.4% interest per year </b>
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