SOLUTION: This is a second submittal for the first problem. Adding the second problem in this submittal. 1. Thomas Ewing borrowed $100 from a loan company for 12 months. He signed a no

Question 1178837: This is a second submittal for the first problem. Adding the second problem in this submittal.
1. 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?
2. What was the approximate rate of interest Mr. Ewing was charged for the loan?
Answer by ikleyn(52802) (Show Source): You can put this solution on YOUR website!
.


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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