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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 $100.00 loan payable in two weeks at $105.50. What is the percent of interest paid on this loan?

  • business math -

    I = PRT

    5.50 = 100 * R * 0.0385

    5.5 = 3.85R

    100(5.5/38.5) = R

    143% = R

  • business math - correction -

    100(5.5/3.85) = R

    143% = R

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