SOLUTION: Hillary took out a loan of $2800 for 1 year. If the interest is $336, what is the interest rate on this loan?

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Question 31743: Hillary took out a loan of $2800 for 1 year. If the interest is $336, what is the interest rate on this loan?
Answer by mukhopadhyay(490) About Me  (Show Source):
You can put this solution on YOUR website!
If the interest rate is r,
2800*r=336
=> r = 336/2800
Percentage of interest rate is 100*r%
= 100*336/2800 = 336/28 = 12
Answer: The rate of interest is 12%