SOLUTION: Ms. Jefferson has been given a loan of $20,000 for 1 year. If the interest charged is $800, what is the interest rate on the loan?

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Question 113664: Ms. Jefferson has been given a loan of $20,000 for 1 year. If the interest charged is $800, what is the interest rate on the loan?
Answer by checkley71(8403) About Me  (Show Source):
You can put this solution on YOUR website!
800/20,000=.04=4% IS THE INTEREST RATE.