SOLUTION: 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?

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> SOLUTION: 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?      Log On


   

Question 77008: 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?
Answer by checkley75(3666) About Me  (Show Source):
You can put this solution on YOUR website!
2500x=275
x=275/2500
x=.11 or 11% interest.