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math

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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 - ,

    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

  • math - ,

    how did you come to your answer. I don't see anything there.

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