Question 486520: If you owe $30,000 for a loan and your interest payment is $125 per month. What is the annual interest rate?
Found 2 solutions by stclair.alex151, MathTherapy:
Answer by stclair.alex151(1)   (Show Source):
You can put this solution on YOUR website! well, you must first put this into numbers, as you would for any word problem. 125/month times 12 (months in a year) 125x12=>>>1500<<< i hope i helped, and unless i read it wrong, that is the answer to your problem.
Answer by MathTherapy(10552)  (Show Source):
You can put this solution on YOUR website! If you owe $30,000 for a loan and your interest payment is $125 per month. What is the annual interest rate?
Since the interest is $125 per month, then amount of interest paid per year is: 125 * 12 months = $1,500 per year
Simple interest = PTR, where P = principal, T = time, and R = rate (interest)
1,500 = $30,000 * 1 * R
1,500 = 30,000R
R, or rate of interest =  =  , or .05, or  %.
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