rate = interest/(principal*time)
= 275/2500
= .11
so 11%
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?
2 answers
No. It's not right. Divide 2500 by 275 and convert your answer to a percent.