Ms. Jordon has been given a loan of 2500. for 1 year, if the intersest charged is $275, what is the interest rate on the loan?
2006-11-12 08:32:35 · 6 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
Divide the yearly interest by the principal to determine the rate.
Assuming simple interest, you'd get 275 ÷ 2500 = 11%
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2006-11-12 08:38:33 · answer #1 · answered by I ♥ AUG 6 · 0⤊ 0⤋
you divide the money for the interest by the money for the loan which gives you 275/2500 simplify slowly
first by 5
55/500
then by 5 again
11/100
11% is your answer
2006-11-12 16:50:29 · answer #2 · answered by hobo h 4 · 0⤊ 0⤋
11%
ADD 2500 AND 275
2775
DIVIDE 2775 BY 2500
EQUALS
1.11
THIS 111% PAID WHICH IS THE ORIGINAL LOAN OF 2500 BEING 100% THE EXTRA 275 IS THE 11% INTEREST
2006-11-12 16:48:28 · answer #3 · answered by bentomsun 3 · 0⤊ 0⤋
Let x = interest rate
then 2500x = 275
x = 275/2500= 0.11 or 11%
2006-11-12 16:40:56 · answer #4 · answered by ironduke8159 7 · 0⤊ 0⤋
11% 2,500x.11=275
2006-11-12 16:38:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yup, those answers at 11% are correct if it is simple interest that you are talking.
2006-11-12 16:56:53 · answer #6 · answered by TT 1 · 0⤊ 0⤋