Asked by tmouery

If bank wished to earn $6,300 on a loan over twelve months, what interest rate would the bank have to charge?
Answered by Ms. Sue
That depends upon the size of the loan.
Answered by tmouery
Oops, I left out the loan amount. It's a $50,000 loan.
Answered by Ms. Sue
I = PRT

6300 = 50,000 * R
6300/50,000 = R
0.126 = 12.6% = R







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