SOLUTION: A loan of $2500 was given to Shari for 1 year. If the interest charged for the period was $275, what was the interest rate on the loan?
Algebra.Com
Question 21922: A loan of $2500 was given to Shari for 1 year. If the interest charged for the period was $275, what was the interest rate on the loan?
Answer by queenofit(120) (Show Source): You can put this solution on YOUR website!
I=prt
275=2500r*1
275+=2500r divide both sides by 2500 to get intrest rate
275/2500=2500r/2500
.11=r=11%
RELATED QUESTIONS
Ms. Jordan has been given a loan of $2500 for 1 year. If
the interest charged is $275,... (answered by priya)
Ms. Jordan has been given a loan of $2500 for 1 year. If the interest charged is $275,... (answered by funmath)
Ms. Jordan has been given a loan of $2500 for 1 year. If the interest charged is $275,... (answered by uma,funmath)
Ms. Jordan has been given a loan of $2500 for 1 year. If
the interest charged is $275,... (answered by stanbon)
Ms. Jordan has been given a loan of $2500 for 1 year. If the interest charged is $275,... (answered by tutorcecilia)
Ms. Jordan has been given a loan of $2500 for 1 year. If
the interest charged is $275,... (answered by 303795)
Ms. Jordan has been given a loan of $2500 for 1 year. If
the interest charged is $275,... (answered by dolly)
ms. jones has been given a loan of $2500 for 1 year. if the interest charged is $275,... (answered by checkley71)
Ms. Jordan has been given a loan of $2,500 for 1 year. If
the interest charged is $275,... (answered by BrittanyM)