Homework Help: math

Posted by lisa on Wednesday, July 25, 2012 at 10:39pm.

Lane French had a bad credit rating and went to a local cash center. He took out a $111 loan payable in five weeks at $131.

math - Ms. Sue, Wednesday, July 25, 2012 at 10:45pm
What is your question?
math - Reiny, Thursday, July 26, 2012 at 8:03am
Cash Centres, the worst of all rip-off places

interest = 131-111 = 20
principal = 111
time = 5/52

rate = interest/(principal x time)
= 20/(111(5/52) ) = 1.874
or 187.4% interest per year

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