business Maths
posted by Ekanki on .
Lane French had a bad credit rating and went to a local cash center. He took out a $103 loan payable in five weeks at $123.
What is the percent of interest paid on this loan? Do not round denominator before dividing. (Use calendar year. Round your answer to 2 decimal places. Omit the "%" sign in your response.)

Percentage of Interest = 201.94 %
Explanation:
$ 123
– 103
___________
$ 20 Interest
P R T
5
103 × ? × ______
52
$20.00
__________ = 201.94% interest paid on loan
9.903846154