SOLUTION: Can someone help me solve this problem? Ms. 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? Than

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: Can someone help me solve this problem? Ms. 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? Than      Log On


   

Question 41314: Can someone help me solve this problem?
Ms. 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?
Thanks,
Lyn
Answer by Nate(3500) About Me  (Show Source):
You can put this solution on YOUR website!
I = PRT Interest equals Principle times Rate times Time
275 = 2500R
0.11 = R
11% = R