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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)
=87.4%

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