Question

Want to donate to a better cause? Consider micro-lending. Micro-lending is a process where you lend directly to entrepreneurs in developing countries. You can start lending at $25. Kiva.org boasts a 99% repayment rate. The average loan to an entrepreneurs is $388.44 and the average loan amount is $261.14. With a total amount loaned of $283,697,150, how many people are lending money if the average number of loans per lender is 8?

Answer 1

135,797

Explanation:

If the total loan amount is $283,697,150 and the average loan amount is $261.14, then the number of loans is ...

$283,697,150/$261.14 = 1,086,379.5

If the average number of loans per lender is 8, then the number of lenders is ...

1086379.5/8 = 135,797 . . . . people lending money