Find the total amount to be paid back (that is,loan + interest) on this loan.
500 for 2 weeks at 100 interest per week.
To find the total amount to be paid back on this loan, we need to calculate the interest for 2 weeks and add it to the original loan amount.
Step 1: Calculate the interest for 2 weeks
The interest per week is $100, so for 2 weeks, the total interest would be:
$100/week * 2 weeks = $200
Step 2: Add the interest to the original loan amount
The original loan amount is $500.
Therefore, the total amount to be paid back would be:
$500 (original loan amount) + $200 (interest) = $700
So, the total amount to be paid back on this loan is $700.
impatient much?
Just use your formula.
Assuming that "100" means 100% (that's some interest!) that would be.
500(1 + 1.00)^2 = 2000