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Lane French had a bad credit rating and went to a local cash center. He took out a \$103 loan payable in five weeks at \$123.

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.)

Percentage of Interest = 201.94 %

Explanation:
\$ 123
– 103
___________
\$ 20 Interest

P R T

5
103 × ? × ______
52

\$20.00
__________ = 201.94% interest paid on loan
9.903846154

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