Asked by Ms. Teri

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?
Answered by Reiny
rate = interest/(principal*time)
= 275/2500
= .11

so 11%
Answered by Ms. Sue
No. It's not right. Divide 2500 by 275 and convert your answer to a percent.
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