SOLUTION: Thomas Ewing borrowed $100 from a loan company for 12 months. He signed a note to repay the loan at $10 per month. How much interest did he have to pay?

Question 1178835: Thomas Ewing borrowed $100 from a loan company for 12 months. He signed a note to repay the loan at $10 per month. How much interest did he have to pay?
Answer by ikleyn(52832) (Show Source): You can put this solution on YOUR website!
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Thomas Ewing borrowed $100 from a loan company for 12 months. He signed a note to repay the loan at $10 per month.
How much interest did he have to pay?
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He loaned $100,  and payed back 10*12 = 120 dollars.


Everything happened in one year, so the interest is $20  and  the percentage is


     = 20%  per year.      ANSWER

Solved.

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