SOLUTION: Dr. Fox borrowed $2,500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?

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Question 245997: Dr. Fox borrowed $2,500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
2,500X=275
X=275/2,500
X=.11 OR 11% WAS THE ANNUAL INTEREST RATE.