Homework Help: Business Math

Posted by Vickie on Tuesday, June 5, 2012 at 11:10am.

Lane French had a bad credit rating and went to a local cash center. He took out a 113 loan payable in three weeks at 137. 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.

Business Math - MathMate, Tuesday, June 5, 2012 at 3:09pm
Time, t=3 weeks = 3/52 year
Princial, P = 113
Principal + interest, A = 137
rate of interest = r
Use
A = P(1+r)t
Solve for r
r=At/P-1
=137/(3/52)/113-1
=2001%

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