Question 210098: Mr. Jordan has been given a loan of $2,500 for 1 year. If the interest charged is $275, what is the interest rate on the loan? Answer by silencehurts(5) (Show Source):
You can put this solution on YOUR website! Mr. Jordan has been given a loan of $2,500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?
let x = interest charged x = 275
y = loan y = 2500
z = interest rate z = ?
z=x/y = 275/2500
z= 0.11 = 11%
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