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19 December, 13:44

A friend loaned you $1650 with the agreement that you repay him $1900 in two weeks. What is the interest rate in this scenario? Enter your answer as a percentage (i. e if your answer is 3.4% enter 3.4)

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  1. 19 December, 15:54
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    15.2 for 14 days

    394 per year

    Explanation:

    Interest rate is an amount that is paid on the amount borrowed from someone. in this example my friend loaned me $1650 and I have to pay him $1900 in only two week the excessive amount will be considered as interest amount on the loan.

    Interest amount = $1,900 - $1,650 = $250

    Interest rate for two weeks = (250 / 1650) x 100 = 0.152 = 15.2% for 14 days

    Annual interest rate = 0.152 x 365 / 14 = 3.94 = 394% per year
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