heyhi1234 heyhi1234

04-03-2018
Business

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12 POINTS!!!!!!
Jamie had a bad credit rating and went to a local cash center. He took out a $100 loan payable in two weeks at $113.50. What is the percent of interest paid on this loan? (Do not round intermediate calculations. Round your answer to the nearest whole percent.)

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sqdancefan sqdancefan

10-03-2018

I = P*r*t
r = I/(P*t) = 13.50/(100*(14/365)) ≈ 352%

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