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.

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%

To calculate the percent of interest paid on the loan, we need to find the difference between the amount borrowed and the total amount repaid, and then calculate the percentage.

The amount borrowed is $113, and the total amount repaid is $137. Let's find the difference:

Total amount repaid - Amount borrowed
= $137 - $113
= $24

Now, let's calculate the percentage:

Percentage = (Interest / Amount borrowed) × 100

Percentage = ($24 / $113) × 100
≈ 21.24% (rounded to 2 decimal places)

Therefore, the percent of interest paid on this loan is approximately 21.24%.

To calculate the percent of interest paid on the loan, we need to find the total interest amount and then convert it to a percentage.

First, let's calculate the total interest paid on the loan. Lane French took out a $113 loan payable in three weeks at $137. We can find the interest amount by subtracting the original loan amount from the total amount being paid back.

Total interest paid = Total amount payable - Loan amount
Total interest paid = $137 - $113
Total interest paid = $24

Next, to calculate the percentage of interest paid, we divide the total interest amount by the original loan amount and multiply by 100.

Percent of interest paid = (Total interest paid / Loan amount) * 100
Percent of interest paid = ($24 / $113) * 100
Percent of interest paid = 21.24% (rounded to two decimal places)

Therefore, the percent of interest paid on this loan is 21.24%.