Question

A small business takes out a $700 loan from the bank. If the small business repays the bank $750 at the end of one year, what percent interest is the small business paying? Explain and show your calculations. Round to the nearest tenth, if needed

Answer 1

the answer is 7.1% because when u do
750 - 700 = 50
50/700 x 1 × 100 = 7.142857142857143
Then you would round 7.14 to the nearest tenth, which would come out to be 7.1%

Answer 2

I think the answer is 7.1%

750 - 700 = 50
50/700 x 1 x 100 = 7.142857142857143
Then we round 7.14 to the nearest tenth, which would be 7.1%