Question #30112
if a person borrows 5ooo and pays back 5350 then what is the interest expressed in percent?
Expert's answer
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".
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".
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Exceptional experts! I appreciate your help. God bless you!
#340153 on Dec 2023
#340153 on Dec 2023