SOLUTION: Can someone help me on this problem? 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? Thanks

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Question 54394: Can someone help me on this problem?
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?
Thanks,
Sher
Answer by stanbon(57337) 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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Let the interest rate be "r"
r(2500)=275
r=275/2500
r=0.11 or 11%
Cheers,
Stan H.