Given:
If you borrow $100, you will have an interest of $10.
Asked: How much do you owe at the end of four weeks?
Solution:
To solve this problem, we need to find the rate, r.
According to the given, we can get the rate by:
$100 x rate = $10
rate = $10/$100
rate = 0.10
Now, if you borrow $1100, you will pay at the end of four weeks the amount of:
$1100 x 0.10 = $110
Total amount = $1100 + $110 = $1210
ANSWER: You will owe $1210 at the end of four weeks.
