<PRE><B>Question 72392</B>
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.</PRE>