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?

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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) About Me  (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%