Question

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.)

Answer 1

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