Elise took out a payday loan for $500 due in 2 weeks that charges an $80 fee. what is the periodic interest rate of the loan?

1.41 %

Step-by-step explanation:

Principal amount (P) = $500

Time (T) = 2 weeks = 2 * 7 days = 14 days

Interest = $80

So,

Interest = P*T*

=> 80 = 500 * 14 *

=> 80 = 7000 *

Flip the sides of the equation

7000 * = 80

Multiply both sides by 100

7000 * * 100 = 80 * 100

Cancel out the 100's on the top and bottom from the left side

7000 * R = 8000

Divide both sides by 7000

=

Cancel out the 7000's on the top and bottom from the left side

R = 1.41 %

So, the periodic interest rate of the loan = 1.41 %

none of the above.

for one of the equations to be used in the process, there has to be a term in the equation since squared is .

since there is only a term in the first equation, we cannot derive a from completing the square.

solving with completing the square