SOLUTION: ind Brian's interest rate on a loan if he paid interest of $250 on a principal of $2,000 for a time period of 2 years

SOLUTION: ind Brian's interest rate on a loan if he paid interest of $250 on a principal of $2,000 for a time period of 2 years

Algebra.Com

Question 1066343: ind Brian's interest rate on a loan if he paid interest of $250 on a principal of $2,000 for a time period of 2 years

Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
r=I/Pt
r=250/(2000*2)
r=250/4000
r=0.0625
r=6.25%
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