Lane French had a bad credit rating and went to a local cash center. He took out a $100.00 loan payable in two weeks at $106.00. What is the percent of interest paid on this loan?

To calculate the percent of interest paid on this loan, we need to determine the interest amount and then calculate the interest rate as a percentage of the loan amount.

The interest amount can be found by subtracting the loan amount from the total amount paid back. In this case, the loan amount is $100.00 and the total amount paid back is $106.00.

Interest amount = Total amount paid back - Loan amount
Interest amount = $106.00 - $100.00
Interest amount = $6.00

Now, let's calculate the interest rate as a percentage of the loan amount.

Interest rate = (Interest amount / Loan amount) × 100
Interest rate = ($6.00 / $100.00) × 100
Interest rate = 0.06 × 100
Interest rate = 6%

Therefore, the percent of interest paid on this loan is 6%.

Using the simple interest formula

I = PRT
6 = 100(R)(2/52)
R = 6(52)/200 = 1.56 or 156 % per year

(in the Middle Ages, they would have been burned at the stake for usury)