# Word problem... determining interest?

Answers:2 | LastUpdateAt:2012-11-01 20:19:02

**Q**uestion- inters
- Asked at 2012-09-01 22:28:03

Sean had bad credit and went to a local cash . He took a loan of $ 100 payable in two weeks at $ 115. What is the rate of interest paid on the loan ? ( Do not round denominator before departure) MedlinePlus
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Additional problem : MedlinePlus
Michael is the purchase of a car . Your monthly interest rate of 12.5 % in June was $ 195. What was Michael principal balance at the beginning of June ? (Again, do not trip) .

Answer1AverAnswered at 2012-09-04 00:02:02

15% for 2 weeks is 7.5% per week . 7.5 ( 52) = 390% annual interest . MedlinePlus
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