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business math

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lane french had a bad credit rating and went to a local cash center. he took out a $119 loan payable in five weeks at $129. what is the percent of interest paid on this loan?

  • business math -

    Interest = $129-119=$10
    Principal = $119
    Period = 5 weeks
    Interest rate
    =(10/119)*(52 weeks/5 weeks)

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