Ask Question
BusinessBusiness
25 February, 02:03

A friend loaned you $1650 with the agreement that you repay him $1900 in two weeks. What is the interest rate in this scenario? Enter your answer as a percentage (i. e if your answer is 3.4% enter 3.4)

+4
Answers (1)
  1. 25 February, 05:40
    0
    15.2 for 14 days

    394 per year

    Explanation:

    Interest rate is an amount that is paid on the amount borrowed from someone. in this example my friend loaned me $1650 and I have to pay him $1900 in only two week the excessive amount will be considered as interest amount on the loan.

    Interest amount = $1,900 - $1,650 = $250

    Interest rate for two weeks = (250 / 1650) x 100 = 0.152 = 15.2% for 14 days

    Annual interest rate = 0.152 x 365 / 14 = 3.94 = 394% per year
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A friend loaned you $1650 with the agreement that you repay him $1900 in two weeks. What is the interest rate in this scenario? Enter your ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
The most widely used method of job analysis for determining the duties and responsibilities of a job is the
Answers (1)
Tony, silvio, paulie, and christopher were all in the convenience store when it was robbed. who is likely to be the most reliable eyewitness?
Answers (1)
The can of spray paint in item 7 is set aside for an hour. during this time, the contents of the can return to room temperature. what type of thermodynamic process takes place in the can during the time the can is not in use?
Answers (1)
Stella, Inc. purchased 75 telescopes for $25 each from Luna Co. When they unpacked the telescopes, Stella found that 20 of the telescopes were damaged in shipping. Luna offers to take them back, or provide an allowance of $300.
Answers (1)
Network effects areA) increases in demand resulting from products being mentioned positively in a television program. B) increases in the value of a product to each user, including existing users, as the total number of users rises.
Answers (1)
New Questions in Business
Digby has a roe of 0.24 (roe = net income/equity). that means:
Answers (1)
If a bank depositor withdraws $1000 of currency from an account, what happens to bank reserves, checkable deposits, and the monetary base? Assume that the required reserve ratio on checkable deposits is 10% and banks do not hold any excess reserves.
Answers (1)
During the Great Depression, consumer spending was higher than ever in history. Question 10 options: True False
Answers (2)
A property is being appraised by the cost approach. The appraiser estimates that the land is worth $17,000 and the replacement cost of the improvements is $235,000. Total depreciation from all causes is $23,000.
Answers (1)
NorthWest Corp. obtained the following information from its accounting records: Sales $70,000 Beginning Finished Goods Inventory $10,000 Ending Finished Goods Inventory $46,000 Cost of Goods Sold $22,000 Ending Work-in-Process Inventory $30,000
Answers (1)
Home » Business » A friend loaned you $1650 with the agreement that you repay him $1900 in two weeks. What is the interest rate in this scenario? Enter your answer as a percentage (i. e if your answer is 3.4% enter 3.4)
Sign Up Forgot Password?