# math

posted by .

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%

## Similar Questions

1. ### Math

Ms. Jordan has been given a loan of 2500 for 1 year. If the interst charged is \$275, what is the interest rate on the loan?
2. ### Math

Ms. Jordan has been given a loan of \$2,500 for 1 year. If the interest charged is \$275, what is the interest rate on the loan?
3. ### Math

Can you tell me if I got these wrong or right?
4. ### math

Ms. Jordan has been given a loan of \$2,500 for 1 year. If the interest charged is \$275, what is the interest rate on the loan?
5. ### Math

A loan of 2500for 1 year Interest is 275 what is the interst rate of the loan
6. ### Math

Business and finance. Ms. Jordan has been given a loan of \$2,500 for 1 year. If the interest charged is \$275, what is the interest rate on the loan?
7. ### Math

Ms Jordan has been given a loan of 2,500 for 1 year. If the interest charged is \$275, what is the interest rate on the loan?
8. ### uop

ms jordan has been given a loan of \$2,500 for 1 year. If the interest charged is \$275, what is the interest rate on the loan?
9. ### math

Ms. Jordan has been given a loan of \$2,500 for 1 year. If the interest charged is \$275, what is the interest rate on the loan?