Mathematics (With steps)
Jack borrows $1000. He only got $900, and he has to repay $1300 in two weeks. If no money is repaid after two weeks. $1300 will be taken as the interest will be calcuted at the same interest rate. (Assuming there are 52 weeks in a year)
a) Find the yearly interest rate for the first two weeks.
b) If no money is repaid for the first 2 weeks, find the total interest after the first 4 weeks.
- 1 decade agoFavorite Answer
principal * rate = interest
rate = 400 / 900
= 44.44% (per 2 weeks)
yearly interest rate = 44.44% * 26
total interest for the first 2 weeks = $400
total interest for the next 2 weeks = 1300 * 44.44%
therefore total interest = 400 + 577.72