SOLUTION: 1. Bob loans Larry $500, agreeing that Larry will repay the loan by giving Bob $650 in 1 year. How much interest will Larry pay?

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Question 1062144: 1. Bob loans Larry $500, agreeing that Larry will repay the loan by giving Bob $650 in 1 year. How much interest will Larry pay?
Answer by jorel555(1290) About Me  (Show Source):
You can put this solution on YOUR website!
650-500/500=.3 or 30% annual interest. ☺☺☺☺