document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1110701>Question 1110701</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Tristan Sandino had a bad credit rating and went to a local cash center. He took out a $100 loan payable in two weeks at $113.50. What is the percent of interest paid on this loan? (Do not round intermediate calculations. Round your answer to the nearest whole percent.) </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #725742 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=725742\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Tristan Sandino had a bad credit rating and went to a local cash center. He took out a $100 loan payable in two weeks at $113.50. What is the percent of interest paid on this loan? (Do not round intermediate calculations. Round your answer to the nearest whole percent.)<BR>\n" );
document.write( "A(t) = P(1+rt)<BR>\n" );
document.write( "113.5 = 100(1+i(2/52))<BR>\n" );
document.write( "1.135 = 1+(2/52)i<BR>\n" );
document.write( "---<BR>\n" );
document.write( "0.135 = (1/26)i<BR>\n" );
document.write( "i = 26*0.135<BR>\n" );
document.write( "interest rate = 35.1 = 351%<BR>\n" );
document.write( "--------------------<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
document.write( "----------<BR>\n" );
document.write( " <BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );