Homework Help: math

Posted by geri on Wednesday, November 17, 2010 at 2:06pm.

A man asks for a loan for $5,000 for 14 days. He receives the loan plus $45 in interest. What annual interest did the man pay. How much would the man need to repay at the end of two months if he borrowed $5ooo with the same rules and the same annual interest ra

math - Reiny, Wednesday, November 17, 2010 at 4:48pm
I assume you are working with simple interest here.

Rate = I/(PT) = 45/(5000(14/365)) = .2346
or 23.46 %

for the second part, find the interest with a T of 2/12 and add that result to $5000

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