Posted by **tmouery** on Monday, November 26, 2012 at 2:22pm.

If bank wished to earn $6,300 on a loan over twelve months, what interest rate would the bank have to charge?

- Real Estate Finance -
**Ms. Sue**, Monday, November 26, 2012 at 2:45pm
That depends upon the size of the loan.

- Real Estate Finance -
**tmouery**, Monday, November 26, 2012 at 3:29pm
Oops, I left out the loan amount. It's a $50,000 loan.

- Real Estate Finance -
**Ms. Sue**, Monday, November 26, 2012 at 3:34pm
I = PRT

6300 = 50,000 * R

6300/50,000 = R

0.126 = 12.6% = R

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