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$100.00 loan payable in two weeks at $104.50. what is the percent of interest paid on this loan?
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5 votes
$100.00 loan payable in two weeks at $104.50. what is the percent of interest paid on this loan?

User Yanhao
by
6.7k points

2 Answers

2 votes
R=i/pt
i=104.5-100=4.5
t=2/52
P=100

R=4.5/(100*2/52)=1.17×100=116.99%
Round your answer
R=117%
User Ivan Ermilov
by
5.9k points
1 vote
Wouldn't it be 4.5% since it is 104.50

If you add 100 + 4.5%=104.50
User David Mann
by
6.1k points
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