Johnny Rockefeller had a bad credit rating and went to a local cash center. He took out a $100.00 loan payable in two weeks for $113.00. What is the percent of interest paid on this loan?

To find the percent of interest paid on this loan, we'll follow these steps:

1. **Determine the Interest Amount:**  
   The total amount repaid is $113.00, and the original loan was $100.00.  
   \[
   \text{Interest} = 113.00 - 100.00 = 13.00
   \]

2. **Calculate the Percent of Interest:**  
   The percent of interest is calculated using the formula:
   \[
   \text{Interest Rate} = \left( \frac{\text{Interest}}{\text{Principal}} \right) \times 100
   \]
   Here, the principal is $100.00, and the interest is $13.00:
   \[
   \text{Interest Rate} = \left( \frac{13.00}{100.00} \right) \times 100 = 13\%
   \]

So, the percent of interest paid on this loan is **13%**.

Would you like further details or have any questions?

### Related Questions:
1. How would the interest rate change if the loan was repaid in four weeks instead of two?
2. What is the annual interest rate (APR) if this two-week loan rate is repeated every two weeks for a year?
3. How does this short-term loan compare to a standard credit card interest rate?
4. What would the repayment amount be if the loan was $200 instead of $100 with the same interest rate?
5. How would the interest change if the rate was calculated monthly instead of bi-weekly?

**Tip:** Short-term loans often have very high effective annual interest rates due to their frequent compounding periods.

Learn how to calculate the percent of interest on a $100 loan with a repayment of $113. This detailed solution walks through simple interest and percentage calculations, ideal for students in Grades 6-8. Discover how to compute the interest rate and understand the cost of short-term loans.

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