SOLUTION: Can someone help me on this problem? I need to identify the rate, base, and amount in the following application. You do not need to solve the application at this point.

Question 53791: Can someone help me on this problem?
I need to identify the rate, base, and amount in the following application. You do not need to solve the application at this point.
Ms. Jordan has been given a loan of $2500 for 1 year. If the interest charged is $235, what is the interest rate on the loan?
Thanks,
Ashley
Answer by stanbon(75887) (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 $235, what is the interest rate on the loan?
-------
rate=unknown; base=2500; amount=235
rate(2500)=235
rate= 0.94 = 9.4%
Cheers,
Stan H.
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