Question 72392: I submitted this problem quite a few days ago and did not get a response. I am resubmitting in hopes to get some help.
Solve the following application.
Business and finance. Ms. Jordan has been given a loan of $2500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?
This is what I have so far.
loan=$2500
interest=$275
interest rate=x
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Ms. Jordan has been given a loan of $2500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?
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Interest = P*r*t
2Ms. Jordan has been given a loan of $2500 for 1 year. If the interest charged is $275, what is the interest rate on the loan?
275 = 2500*r*1
r = 275/2500
r = 0.11
r = 11%
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Cheers,
Stan H.
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