Answer:
15.2 for 14 days
394 per year
Explanation:
Interest rate is an amount that is paid on the amount borrowed from someone. in this example my friend loaned me $1650 and I have to pay him $1900 in only two week the excessive amount will be considered as interest amount on the loan.
Interest amount = $1,900 - $1,650 = $250
Interest rate for two weeks = ( 250 / 1650 ) x 100 = 0.152 = 15.2% for 14 days
Annual interest rate = 0.152 x 365 / 14 = 3.94 = 394% per year
