He took out a $100.00 loan payable in two weeks at $105.50. What is the percent of interest paid on this loan?

Answer 1

paid 5.50 dollars for 100 dollars
that is 100(5.50/100) = 5.5 percent in two weeks or 2.75 percent per week
2.75 * 52 = 143 percent per year.
Which is huge!