Find the amount to be paid back on 500 for 2 weeks at 100 interest
is that 100% per week, or per year?
Per week
To find the amount to be paid back on $500 for 2 weeks at 100% interest, we need to calculate the interest first and then add it to the original amount.
Step 1: Calculate the interest:
Interest = Original amount * (Interest rate / 100)
Interest = $500 * (100 / 100)
Interest = $500
Step 2: Add the interest to the original amount:
Amount to be paid back = Original amount + Interest
Amount to be paid back = $500 + $500
Amount to be paid back = $1000
Therefore, the amount to be paid back on $500 for 2 weeks at 100% interest is $1000.
To find the amount to be paid back on a loan of $500 with 100% interest for 2 weeks, you would need to calculate the interest amount and add it to the original loan amount.
First, find the interest amount. The interest is usually calculated as a percentage of the loan amount and the time period. In this case, the interest is 100% of the original loan, which means it doubles the loan amount.
To calculate the interest, you can multiply the loan amount by the interest rate in decimal form:
Interest = Loan Amount * Interest Rate
= $500 * 100%
= $500 * 1 (100% expressed as a decimal)
= $500
Therefore, the interest amount is $500.
Now, to find the total amount to be paid back, you need to add the interest to the original loan amount:
Total amount to be paid back = Loan Amount + Interest Amount
= $500 + $500
= $1000
Therefore, the total amount to be paid back on a $500 loan with 100% interest for 2 weeks is $1000.