SOLUTION: Solve the following word problems. Be sure to show the equation you use for the solution.
26) Business and finance. Ms. Jordan has been given a loan of $2500 for 1 year. If the
Algebra.Com
Question 86470: Solve the following word problems. Be sure to show the equation you use for the solution.
26) Business and finance. 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 tutorcecilia(2152) (Show Source): You can put this solution on YOUR website!
Interest formula:
Use the formula for interest (I=Prt)]
I=interest=$275
P=principle=$2500
r=rate
t=time=1
.
Plug in the values and solve for the unknown variable (rate (r)
I=Prt
275=(2500)(r)(1)
275=2500r
275/2500=4
.11=4
(.11)(100%)=4
11%=r
.
check by plugging all of the values back into the original equation and solve:
I=Prt
275=(2500)(.11)(1)
275=275 [checks out]
RELATED QUESTIONS
Solve the following word problems. Be sure to label the unknowns and to show the... (answered by stanbon)
Solve the following word problems. Be sure to show the equation you use for the... (answered by ptaylor)
Solve the following word problems. Be sure to label the unknowns and to show the... (answered by checkley75)
Solve the following word problems. Be sure to show the equation you use for the... (answered by chitra)
Solve the following word problems. Be sure to show the equation you use for the... (answered by stanbon)
Solve the following word problems. Be sure to label the unknowns and to show the... (answered by checkley75)
Solve the following word problems. Be sure to show the equation you use for the... (answered by ptaylor)
Solve the following word problems. Be sure to show the equation you use for the... (answered by scianci)
Solve the following word problems. Be sure to show the equation you use for the... (answered by praseenakos@yahoo.com)