# 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 59428This question is from textbook : 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?This question is from textbook Found 2 solutions by uma, funmath:Answer by uma(370)   (Show Source): You can put this solution on YOUR website!Loan amount = \$2500 Time = 1 year Interest = \$275 Rate of interest = (100*interest)/ (Loan * time) = (100* 275)/ 2500 = 27500/2500 = 11 The interest rate = 11% Answer by funmath(2925)   (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: , I=interest, P=principle, rate=rate (in decimal), and t=time (in years) : P=2500 t=1 I=275 r=r (we don't know this yet) : If you need the interest rate in percentage, multiply it by 100% r=.11(100%)=11% : Happy Calculating!!!