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

## Answer This Question

## Related Questions

- Math - - Anurag is buying a house for $100,000 and needs a mortgage loan. Bank A...
- Business Math - 1,500 personal loan, bank is going to charge a fee of 2% of loan...
- math - Megan took out a loan for 1500.00. The bank is going to charge her a fee ...
- Personal Finance - What would be the APR on $1200.00 if the total interest paid ...
- Math Help!!!!! - 4) Jim has been offered a substantial cash discount if he pays ...
- math - math problem-Car payments are determined using simple interest. To ...
- Business Finance - Assume a bank loan requires a interest payment of $85 per ...
- Mathematics of Finance - Richard borrowed 170000 dollars from his bank to help ...
- math - you borrow $1200 from a bank that bank charges 9.5% simple annual ...
- Finance - Sutton Corporation, which has a zero tax rate due to tax loss carry-...

More Related Questions