If bank wished to earn $6,300 on a loan over twelve months, what interest rate would the bank have to charge?

Answer 1

That depends upon the size of the loan.

Answer 2

Oops, I left out the loan amount. It's a $50,000 loan.

Answer 3

I = PRT

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