SOLUTION: Ms. Jordan has been given a loan of $2500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?
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Question 59218: Ms. Jordan has been given a loan of $2500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?
Answer by funmath(2933) (Show Source): You can put this solution on YOUR website!
Ms. Jordan has been given a loan of $2500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?
The formula for simple interest is:, where I=interest, P=principle, r=rate, t=time.
For this problem:
P=2500
t=1
I=275
If they ask for the answer in percentage multiply this by 100%.
%
r=11%
Happy Calculating!!!
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