Business Math

posted by .

Lane French had a bad credit rating and went to a local cash center. He took out a 113 loan payable in three weeks at 137. 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.

  • Business Math -

    Time, t=3 weeks = 3/52 year
    Princial, P = 113
    Principal + interest, A = 137
    rate of interest = r
    Use
    A = P(1+r)t
    Solve for r
    r=At/P-1
    =137/(3/52)/113-1
    =2001%

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. business math

    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?
  2. business Maths

    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?
  3. business Maths

    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?
  4. math

    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.
  5. math

    Lane French had a bad credit rating and went to a local cash center. He took out a $100 loan payable in two weeks at $115 (In other words, in two weeks he paid back a total of $115). What is the percent of interest paid on the loan?
  6. math

    Lane French had a bad credit rating and went to a local cash center. He took out a $100 loan payable in two weeks at $115.
  7. business Math

    Lane French had a bad credit rating and went to a local cash center. He took out a $100 loan payable in two weeks at $115. What is the percent of interest paid on this loan?
  8. business math

    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 $105.50. What is the percent of interest paid on this loan?
  9. math

    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?
  10. business math

    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 $102.50. What is the percent of interest paid on this loan?

More Similar Questions