SOLUTION: Please, help me solve this problem. Nellie pays $1,595 in interest on a 5-year loan of $11,600. What was the interest rate?

SOLUTION: Please, help me solve this problem. Nellie pays $1,595 in interest on a 5-year loan of $11,600. What was the interest rate?

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Question 414263: Please, help me solve this problem.
Nellie pays $1,595 in interest on a 5-year loan of $11,600. What was the interest rate?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
I-prt
p=11600
I=1595
t=5
r=I/p*t
r=1595/(11600*5)
ur=o.0275
= 2.75%
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