SOLUTION: A $11,500.00, 27-month loan has interest due of $3,234.38. What is the rate of interest?

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Question 251918: A $11,500.00, 27-month loan has interest due of $3,234.38. What is the rate of interest?
Answer by richwmiller(17219) About Me  (Show Source):
You can put this solution on YOUR website!
27/12=2.25 years
I=P*r*t
3234.38=11500.00*r*2.25
r=.125=12.5% per year