Question

$100.00 loan payable in two weeks at $104.50. what is the percent of interest paid on this loan?

Answer 1

R=i/pt
i=104.5-100=4.5
t=2/52
P=100

R=4.5/(100*2/52)=1.17×100=116.99%
Round your answer
R=117%

Answer 2

Wouldn't it be 4.5% since it is 104.50

If you add 100 + 4.5%=104.50