Posted by **patti help** on Wednesday, March 21, 2007 at 3:52pm.

if a loan is given for 2,500 for 1 year and the interest charged is 275 dollars what is the interest rate on the loan? how do I go about solving this do I subtract the 275 from 2500.

Interest=Principal*Rate*Time

275=2500(rate)(1)

rate=275/2500

=.11

so the "simple" interest rate is 11%

## Answer This Question

## Related Questions

- math - Ms. Jordan has been given a loan of $2,500 for 1 year. If the interest ...
- Math - Ms Jordan has been given a loan of 2,500 for 1 year. If the interest ...
- math - Ms. Jordan has been given a loan of $2,500 for 1 year. If the interest ...
- Math - Ms. Jordan has been given a loan of $2,500 for 1 year. If the interest ...
- Math - Business and finance. Ms. Jordan has been given a loan of $2,500 for 1 ...
- uop - ms jordan has been given a loan of $2,500 for 1 year. If the interest ...
- math, business? - Business and finance. Ms. Jordan has been given a loan of $2,...
- Math - Ms. Jordan has been given a loan of 2500 for 1 year. If the interst ...
- VBA Programming - I'm trying to create a macro that asks for a loan between 1 ...
- eco - Suppose a person pays $80 of annual interest on a loan that has a 5 ...

More Related Questions