math

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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%

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