SOLUTION: Jack paid $2,280 as interest on a $57,000 loan. What interest rate did he pay to the bank in a year?

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Question 365028: Jack paid $2,280 as interest on a $57,000 loan. What interest rate did he pay to the bank in a year?
Answer by ewatrrr(10682) About Me  (Show Source):
You can put this solution on YOUR website!


Hi, 

$2,280/$57,000 = .04

Interest rate was 4%

checking our answer

.04*$57,000 = $2,280