document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=67761>Question 67761</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #48242 by </B><A HREF=/tutors/aboutme.mpl?userid=tutorcecilia><B>tutorcecilia(2152)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=tutorcecilia><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=tutorcecilia><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=48242\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Interest = (Principle)(rate)(time) [Formula for simple interest]<BR>\n" );
document.write( "275=(2500)(r)(1) [Plug-in the values and solve for the rate (r)]<BR>\n" );
document.write( "275/2500=(2500r)/2500<BR>\n" );
document.write( ".11=r [multiply the rate by 100%]<BR>\n" );
document.write( "(.11)(100%)=r<BR>\n" );
document.write( "11%=rate<BR>\n" );
document.write( ".<BR>\n" );
document.write( "Check by plugging all of the values back into the original equation and solve]<BR>\n" );
document.write( "I=Prt<BR>\n" );
document.write( "275=2500(1)(.11)<BR>\n" );
document.write( "275=275 [checks out] </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );