SOLUTION: Can someone help me solve this problem?
Ms. Jordan has been given a loan of $2,500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?
Than
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Question 41314: Can someone help me solve this problem?
Ms. Jordan has been given a loan of $2,500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?
Thanks,
Lyn
Answer by Nate(3500) (Show Source): You can put this solution on YOUR website!
I = PRT Interest equals Principle times Rate times Time
275 = 2500R
0.11 = R
11% = R
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