A customer paid $247.13 in interest on a loan of $950.50. What is the percentage of interest paid?
100(247.13/950) = ?
A customer paid $247.13 in interest on a loan of $950.50. What is the percentage of interest paid?
15
A customer paid $247.13 in interest on a loan of $950.50. What is the percentage of interest paid?
26%
26
To find the percentage of interest paid, you need to divide the amount of interest paid by the principal amount (loan), and then multiply the result by 100 to get the percentage.
Step 1: Divide the interest paid by the loan amount:
Interest / Principal = $247.13 / $950.50
Step 2: Calculate the division:
$247.13 / $950.50 ≈ 0.2599
Step 3: Convert the decimal to a percentage:
0.2599 * 100 ≈ 25.99%
Therefore, the percentage of interest paid is approximately 25.99%.