You have agreed to loan some money to a friend at a simple interest rate of 150% which is outrageous but still about half of the payday loan places! To make it easy on your friend who needs a $630 loan to tide him over for a bit you tell him to pay you back $700 in a few weeks.
In how many weeks should you tell him to pay you back if you want to hold that interest rate of 150%?
Note: 52 weeks = 1 year
(nearest 1 week)
In how many weeks should you tell him to pay you back if you want to hold that interest rate of 150%?
Note: 52 weeks = 1 year
(nearest 1 week)