Question

You have agreed to loan some money to a friend at a simple interest rate of 140% To make it easy on your friend who never took Math 140 you tell him you'll give him some money now and he just needs to pay you back a nice even $700 in 4 weeks. How much money do you hand him? $ (nearest $1)

Answer 1

$500

Explanation:

You hand him 100%

He pays back 140%(original amount plus 40%)= 700

Original amount =x

700/140 = x/100

140x=700*100

140x = 70,000

x=500

200 is the 40% of 500

500+200= 700