Interest is $275 for $2500 for 1 yr. Interest would be 275/2500, or 11%. That assumes repayment of both at end of year.
Ms. Jordan has been given a loan of 2500 for 1 year. If interest charged is $275 what is the interst rate?
2.75%
Ms. Jordan has been given a loan of 2500 for 1 year. If interest charged is $275 what is the interst rate?
It depends if compounded interest is involved. If it's simply a one-off interest charge, charged only once, it would be 11%, as previous answerer said.
Interest amount divided by loan amount = interest rate
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