document.write( "Question 71867: Solve the following application and show your work.
\n" ); document.write( "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?
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Algebra.Com's Answer #51361 by tutorcecilia(2152)\"\" \"About 
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If the rate is \"simple interest\" use the following formula:
\n" ); document.write( "Interest = (Principle)(rate)(time)
\n" ); document.write( "I=Prt [plug-in the values; solve for the unknown variable (interest rate)
\n" ); document.write( ".
\n" ); document.write( "$275-($2500)(rate)(1 year)
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\n" ); document.write( "275=(2500)(r)(1)
\n" ); document.write( "275=2500r
\n" ); document.write( "275/2500=2500r/2500
\n" ); document.write( ".11=r
\n" ); document.write( ".11X100%=r [Multiply by 100% becasue the rate is a percent]
\n" ); document.write( "11%=rate
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\n" ); document.write( "Check by plugging all of the values back into the original equation and solve. Change the percent back into a decimal:
\n" ); document.write( "I=Prt
\n" ); document.write( "275=(2500)(.11)(1)
\n" ); document.write( "275=275 [Checks out]\r
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