interest rates

timer Asked: Jun 3rd, 2014
account_balance_wallet $5

Question Description

You borrow 400, pay 500 in 2 weeks. What simple interest rate was paid? Assume 52 weeks in a year

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Tutor Answer

School: Cornell University

Interest Rate Calculator

Loan Amount$400.00
Loan Term1years
Monthly Payment$1000.00


Interest Rate2,999.970%
Total of 12 Monthly Payments$12,000.00
Total Interest Paid$11,600.00

Payment Breakdown


Loan Amortization Graph



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Thanks, good work

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