math

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%

  1. 👍 0
  2. 👎 0
  3. 👁 77

Respond to this Question

First Name

Your Response

Similar Questions

  1. math, business?

    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?

    asked by scooby91320002 on August 12, 2009
  2. 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?

    asked by Gertrude Sanders on October 22, 2008
  3. 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? 9.09 is this right?

    asked by Ms. Teri on April 4, 2008
  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?

    asked by Mary on October 23, 2008
  5. 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?

    asked by jane on December 9, 2008
  6. 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?

    asked by lisa jones on October 29, 2008
  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?

    asked by Peggie on September 2, 2008
  8. Math

    Can you tell me if I got these wrong or right? 1. 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? = 11% 2. A school had 900 students at the start of a

    asked by Carrie on May 21, 2008
  9. Math

    This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have $108,123

    asked by Anyomous on June 15, 2017
  10. math115

    Ms. Jefferson has been given a loan of $20,000 for 1 year. If the interest charged is $800, what is the interest rate on the loan?4% 2.A saleswoman is working on a 6% commission basis. If she wants to make $2,400 in one month, how

    asked by callie on October 3, 2009

More Similar Questions