SOLUTION: Ms. Jordan has been given a loan of $2500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?

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Question 63009: Ms. Jordan has been given a loan of $2500 for 1 year. If
the interest charged is $275, what is the interest rate on the loan?
Answer by stanbon(29602) About Me  (Show Source):
You can put this solution on YOUR website!
Ms. Jordan has been given a loan of $2500 for 1 year. If
the interest charged is $275, what is the interest rate on the loan?
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Interest = Prt
275=2500r(1)
r=0.11 or 11%
Cheers,
Stan H.