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? (Do not round intermediate calculations. Round your answer to the nearest whole percent.)
Rate= interest / principal*time
interest = 15
Principal =100
Time is 2/52 (2 weeks/ 52 weeks/year)
15/(100*2/52)= 3.90
3.90*100 = 390%
To calculate the percent of interest paid on the loan, you first need to find the amount of interest paid.
The interest paid on the loan is calculated by subtracting the principal from the total amount repaid.
Total amount repaid = principal + interest
In this case, the principal is $100 and the total amount repaid is $115.
Interest paid = Total amount repaid - Principal
Interest paid = $115 - $100
Interest paid = $15
Now, to calculate the percent of interest paid, divide the interest paid by the principal and multiply by 100.
Percent of interest paid = (Interest paid / Principal) * 100
Percent of interest paid = ($15 / $100) * 100
Percent of interest paid = 15%
Therefore, the percent of interest paid on this loan is 15%.
To calculate the percent of interest paid on this loan, we need to first find the interest amount, and then divide that by the principal amount of the loan.
The interest amount can be calculated by subtracting the principal amount from the total amount payable. In this case, the principal amount is $100 and the total amount payable is $115. So, the interest amount is $115 - $100 = $15.
Next, we divide the interest amount ($15) by the principal amount ($100) and multiply the result by 100 to convert it to a percentage.
So, the percent of interest paid on this loan is (15/100) x 100 = 15%.
Therefore, the percent of interest paid on this loan is 15%.
Wow, talk about a loan shark! Let's calculate the interest here. The loan amount is $100 and the repayment amount is $115. So, the interest paid on this loan would be $115 - $100 = $15.
To calculate the percentage of interest paid, we divide the interest by the loan amount and then multiply by 100.
$15 / $100 * 100 = 15%.
So, Lane French paid a whopping 15% interest on this loan. Ouch! That's higher than the number of times I've accidentally walked into a glass door.