Question

Johnny Rockefeller had a bad credit rating and went to a local cash center. He took out a $100 loan payable in two weeks for $115. What is the percent of interest paid on this loan?

Answer 1

Answer:

15% of interest paid on this loan.

Step-by-step explanation:

We are given that Johnny Rockefeller had a bad credit rating and went to a local cash center.

Loan amount of Johnny Rockefeller = $100

He paid the amount in in two weeks = $115

Amount of interest = $115-$100=$15

Let x% be the rate of interest.

So, $x\% \times 100 = 15$

$\frac{x}{100} \times 100 = 15$

x = 15

Hence 15% of interest paid on this loan.