Answer to Question #30112 in Algebra for robert stevens

Question

if a person borrows 5ooo and pays back 5350 then what is the interest expressed in percent?

Answer 1

To find the interest expressed in percent, we shouldcalculate the ratio: Sum paid back to initial borrowed sum: 5350/5000=1.07. It
means that you pay back 107% of the amount you borrowed, so the interest is
107%-100%=7%, this is the sum that you pay additionaly to your
"credit".