Dan borrowed K3600 and pays a fortnight interest of K27. Calculate the yearly interest rate?

Answer 1

To find the yearly interest rate, we need to know the total interest paid in a year.
Since Dan pays a fortnight (every 2 weeks) interest of K27, we need to find out how many fortnights are in a year.

There are 52 weeks in a year.
Since there are 2 weeks in a fortnight, we divide 52 by 2 to find the number of fortnights in a year: 52 / 2 = 26 fortnights.

Now, to calculate the total interest paid in a year, we multiply the fortnightly interest (K27) by the number of fortnights in a year: K27 * 26 = K702.

Therefore, the yearly interest rate is K702.