Mark borrowed 3400 from a loan shark Mark paid the loan shar

Mark borrowed $3400 from a loan shark. Mark paid the loan shark $7735 back after 17 months. (After being threatened a few times)

What will be the time in the formula i=prt for this calculation-------------------year (Write your answer as a fraction, a/b),

How much of the payment was the interest paid for the loan--------------------?

What was the simple interest rate, APR of this loan------------------? (Round answer to nearest whole percent).

Solution

t=17/12

Amount of interest paid = (7735-3400) = $4335

% interest paid = 4335/3400 = 127.5%

Interest rate:

4335 = 3400*r*(17/12)

Therefore,

r=0.9 or 90%

Mark borrowed $3400 from a loan shark. Mark paid the loan shark $7735 back after 17 months. (After being threatened a few times) What will be the time in the fo

Get Help Now

Submit a Take Down Notice

Tutor
Tutor: Dr Jack
Most rated tutor on our site