SOLUTION: 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 ->  Linear-equations -> SOLUTION: 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 78818: 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 303795(602) About Me  (Show Source):
You can put this solution on YOUR website!
For a single year
Rate=Interest%2Fprinciple
=%24275%2F%242500
=0.11
=11%