SOLUTION: 26) 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?
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Question 86601: 26) 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 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 = Pricipal*Rate
r= I/P
r = 275/2500
r = 0.11 = 11%
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Cheers,
Stan H.
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