Homework Help: business math

Posted by elijah on Thursday, April 14, 2011 at 11:02pm.

lane french had a bad credit rating and went to a local cash center. he took out a $119 loan payable in five weeks at $129. what is the percent of interest paid on this loan?

business math - MathMate, Friday, April 15, 2011 at 11:14am
Interest = $129-119=$10
Principal = $119
Period = 5 weeks
Interest rate
=(10/119)*(52 weeks/5 weeks)
=87.4%

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