You have agreed to loan some money to a friend at a simple interest rate of 180% which is outrageous but still about half of the
1 answer:
Answer:
the amount borrowed is ≅ $527
Step-by-step explanation:
Given that;
simple interest rate r = 180% p.a
Let the amount borrowed (principal) be $x.
time t = 4 weeks = 28 days
= 28/365 year
= 0.0767 year
we all know that :
Simple interest = 0.13806x
Total amount to be paid after 4 weeks= Interest+Principal
= x + 0.13806x
= 1.13806x
Thus;
1.13806x = $600
x = $600/ 1.13806
x = $527.21
Hence; the amount borrowed is ≅ $527
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